New York’s sports betting sector continues to demonstrate resilience, with a year-on-year increase of 11.3% in the sports betting handle for June, reaching $1.17 billion. While this figure represents a 14% decrease from May’s robust performance, the industry still showcases steady growth. The New York Gaming Commission’s recent report sheds light on key metrics, including revenue, market leaders, and overall trends.
June Key Metrics:
Handle: $1.17 billion, reflecting an 11.3% increase compared to June 2022.
Revenue: $103.8 million, down by 31.7% from May but exhibiting a notable 42% growth compared to June 2022.
Hold Rate: Operators finished June with an 8.6% hold, a slight dip of 2.5 points from the previous month.
Market Leaders:
FanDuel: Maintains its position as the leading sportsbook, generating $47.2 million in revenue from a $418.1 million handle.
DraftKings: Secures the second spot with $37.1 million in revenue from a $488.5 million handle.
Caesars: Records $8.6 million in revenue from a $124.8 million handle.
BetMGM: Achieves $7 million in revenue from a $75.4 million handle.
Tax Revenue and Market Performance:
Tax Revenue: $52.9 million, marking the lowest since August 2022.
Year-to-Date Wagering: Surpasses $9.1 billion, a 6.67% increase compared to the first half of 2022.
Revenue After Taxes: Sportsbooks have generated nearly $51 million in revenue after taxes, indicating the industry’s sustained profitability.
Despite a slight monthly dip, New York’s sports betting sector maintains a strong trajectory with robust year-on-year growth. As the market continues to evolve, key players like FanDuel and DraftKings remain at the forefront, contributing to the state’s status as the largest sports betting market in the U.S. The overall positive trends underscore the resilience and potential of New York’s sports betting landscape.