Player spending on online sports betting in New York has reached its lowest total in ten months as of June, marking a significant shift in the state's betting landscape. This trend is highlighted by the latest revenue figures, which indicate the smallest monthly total since February. June’s total handle was recorded at $1.47 billion, a substantial 25.4% drop from May's $1.97 billion.
Interestingly, despite the decrease from May, June's handle still reflects a 25.6% increase compared to the same period last year. However, the gross gaming revenue for June stood at $133.9 million, which is 34.1% lower than May’s earnings, but represents a 29.0% increase year-on-year.
Impact of Major Sports Events
June's lower figures can be attributed, in part, to the conclusion of the NBA and NFL finals in the first few weeks of the month. Neither of the finals featured New York teams, which likely had an impact on local betting enthusiasm. Additionally, summer traditionally tends to be a quieter period for sports betting across the United States, including New York.
In terms of operator performance, FanDuel led the pack with $67.1 million in revenue from $571.3 million in total wagers. This success translated to a tax contribution of $34.2 million for June. Since January 2022, FanDuel has paid nearly $998.3 million into state coffers. DraftKings followed with $40.9 million in revenue from a $521.6 million handle.
Market Leaders & Performance
Caesars reported $6.8 million in revenue from $127.7 million in wagers, while BetMGM posted identical revenue of $6.8 million from $100.6 million wagered. Other notable performances include Fanatics, which reported a handle of $67.3 million and revenue of $6.7 million, achieving a hold percentage of 9.96% for the month.
Further down the revenue list, Rush Street Interactive generated $2.5 million from $68.8 million in wagers, BallyBet posted revenues of $658,294, and Resorts World recorded revenues of $572,891. Wynn Interactive, with the smallest handle, generated $66,665 off just $1.5 million wagered.
Seasonal Trends and Future Prospects
June, with events like the Belmont Stakes in horse racing, golf’s US Open, and the Copa América football tournament, is typically the strongest of the summer months for sports betting. However, the MLB season, which runs through the summer, has traditionally not driven significant betting activity. The lack of substantial events and major leagues in off-seasons result in fewer high-stakes events captivating bettors.
Despite the subdued performance in June, the market is expected to further decline in July before experiencing a slight recovery in August. Sports betting activity is anticipated to heat up again in September with the onset of the NFL season, which consistently drives high engagement and wagering.
In sum, while June saw a noticeable drop in betting activity from the previous month, the year-on-year growth and the seasonal nature of sports betting indicate a likely robust resurgence with the NFL season. New York's sports betting market continues to be dynamic, reflecting broader trends and the varied cadence of sports events throughout the calendar year.