In July, New York’s mobile sports betting handle experienced a notable uptick, reaching $962.1 million, reflecting a substantial 20% year-on-year increase. However, it marked a 17.5% decline compared to the previous month, falling below the $1 billion threshold for the first time since August of the previous year. This shift in the monthly handle dynamics highlights the evolving landscape of mobile sports betting in the state.
Year-on-Year Growth:
Despite the month-over-month decrease, New York’s mobile sports betting handle demonstrated a robust year-on-year growth of 20%, showcasing the sustained popularity and engagement of sports betting enthusiasts in the state. The positive trend underscores the continued expansion and acceptance of mobile sports wagering.
Revenue Performance:
Revenue in July reached $105.1 million, reflecting a substantial 43.4% increase compared to the same month last year. The month also saw a marginal 1.3% uptick in revenue compared to June. This financial performance illustrates the profitability of the mobile sports betting market in New York, with operators successfully capitalizing on user engagement.
Dominance of Leading Sportsbooks:
FanDuel maintained its position as the most popular sportsbook in the state, generating $41.09 million in revenue from a $384.6 million handle. DraftKings closely followed, registering $41.08 million from a $340.4 million handle. Other key players, including Caesars, BetMGM, and Rush Street Interactive, contributed to the diverse sports betting landscape in New York.
Tax Contributions and Operator Revenue:
Operators collectively paid $53.6 million in taxes, underscoring the significant financial contribution of the mobile sports betting industry to the state. Meanwhile, the sportsbooks retained $51.5 million in revenue, reflecting the balance between tax obligations and operator profitability.
New York’s mobile sports betting sector experienced a dynamic month in July, with a remarkable year-on-year surge of 20% in the handle. While the monthly handle dipped below $1 billion for the first time since August of the previous year, the robust revenue performance and the dominance of leading sportsbooks indicate the resilience and profitability of the market. As the landscape continues to evolve, New York remains a key player in the expanding realm of mobile sports wagering, with operators contributing significantly to both the state’s revenue and the overall sports betting experience for enthusiasts.