New York sportsbooks became the first in the post-PASPA era to surpass $4 billion in revenues after claiming over $134 million in June.
Empire State Leads the Way
The New York State Gaming Commission reported $134.2 million in sportsbook revenues for June, eclipsing the $4 billion mark since the inception of mobile sports betting in January 2022. Neighboring New Jersey, another hotbed of sports wagering, launched its mobile market in August 2018 and has taken in over $4.8 billion more in wagers due to its 3 ½ year head start.
However, because of its 7.5% average hold, versus New York’s 8.8%-win rate, the Garden State has yet to cross the $4 billion revenue threshold. All signs point to New York’s upward trajectory as evidenced by the $1.48 billion handle in June, up 26.2% from the same time last year, generating a 29.1% increase in revenue from June 2023.
The June hold of 9.1%, up from 8.9% last year, coupled with the increase in handle paid dividends for the state as New York’s tax coffers swelled by $68.3 million on its 51% tax rate. Governor Kathy Hochul projected tax revenues of $860 million for FY 2025 but the first three months of this year have reaped $265.7 million for the state.
FanDuel Remains King of New York
Mobile sports betting towered above retail wagering with $133.9 million in mobile revenue of the $134.2 million total, equaling a staggering 99.8% of all sports bets placed in June. And of that $133.9 million, FanDuel was the undisputed winner, securing a $571.2 million June handle which produced $67.1 million in revenues for the month on an impressive 11.7% hold.
DraftKings was No. 2 in the New York market, accepting $521.6 million in wagers which generated only $40.9 million in revenue due to a rather low 7.8%-win rate. June’s hold was well below the 10.3%-win rate in May. DraftKings’ 30.5% of New York’s monthly revenues was its lowest in 17 months when it claimed just 26.6% in January 2023.
Caesars secured the No. 3 spot with a handle of $127.7 million which delivered $8.6 million on a rather paltry 6.7%-win rate.
BetMGM reported a $100.6 million handle but its 6.8% hold generated just north of $6.8 million which put it in a virtual dead heat with Fanatics, reporting only $156,000 less in revenue on a much smaller handle of $67.3 million. Fanatics’ 9.9% hold, over 3.1% higher than BetMGM, was the difference maker.
BetRivers had mixed reviews with $68.8 million in action, its second-highest handle in New York capturing 4.7% of the market but a woeful 3.7% hold, the lowest of any mobile sportsbook in June, delivering just $2.5 million in revenues for the month.
The Bottom Three
Rounding out the bottom three in terms of revenue was Bally Bet with just over $658,000 on a $6.9 million handle with a 9.6% hold followed by Resorts World with a slightly higher handle of $7.4 million but its smaller 7.8%-win rate yielded just shy of $573,000.
WynnBET, on its way out of New York’s digital sports betting market after agreeing to sell its spot to Penn Entertainment and its ESPN BET sportsbook, managed only $1.5 million in accepted bets which produced $66,700 on its 4.4% hold.
