In July, the mobile sports betting handle in New York reached a record low since the launch of the regulated market in January. Players spent a total of $800.8 million, marking the first time the monthly handle fell below $1 billion. While the handle experienced a significant decline of 23.8% compared to June, gross gaming revenue from mobile sports betting saw a modest increase of 1.2%. Despite the lower handle, July became the second-lowest month for revenue on record.
New York Mobile Sports Betting Landscape:
Among the mobile sports betting operators in New York, FanDuel Group, owned by Flutter Entertainment, maintained its market leadership position. FanDuel Group generated $39 million in revenue from $347.7 million in bets. DraftKings secured the second spot, reporting $15.8 million in revenue from a handle of $213.5 million. Caesars Sportsbook followed with revenue of $8.7 million and a handle of $118.2 million. BetMGM recorded $6.3 million in revenue from a handle of $73.2 million.
Other Operators and Revenue Figures:
PointsBet reported $1.7 million in revenue and $16.5 million in player spending, while Rush Street Interactive generated $1.2 million in revenue from a handle of $20.3 million. WynnBet accumulated $431,990 in revenue from $6 million in total bets. Resorts World had a modest revenue figure of $262,309 from $4.7 million in wagers. Bally Bet, the latest licensed operator in New York, completed the ranking with revenue of $40,080 and a handle of $640,397.
Implications and Market Trends:
The significant decrease in the mobile sports betting handle in July raises concerns about the growth of the New York market. However, the slight increase in gross gaming revenue indicates that operators were able to optimize their revenue generation despite the lower overall handle. It is important to monitor future trends and assess whether the declining handle in July represents a temporary setback or a potential ongoing challenge for the New York mobile sports betting market.
Factors Affecting July’s Performance:
Several factors could have contributed to the decline in the mobile sports betting handle in July. These may include seasonal factors, such as a reduced number of sporting events during the summer months, as well as external factors like increased competition from neighboring states with more established sports betting markets. Additionally, promotional activities and marketing strategies employed by operators may have influenced player spending patterns.
Looking Ahead:
As the New York mobile sports betting market evolves, operators will need to adapt their strategies to attract and retain customers. The performance in July highlights the importance of market dynamics and the need for operators to remain competitive in a rapidly evolving landscape. With the introduction of new operators like Bally Bet, the market is expected to become more diverse, potentially leading to increased competition and further opportunities for revenue growth. Continued monitoring and analysis will be essential to gauge the market’s trajectory and identify areas for improvement.
The mobile sports betting handle in New York experienced a significant decline in July, reaching a record low since the market’s launch in January. While this decline raises concerns, the modest increase in gross gaming revenue indicates that operators were able to optimize their revenue streams. As the market evolves, operators will need to navigate challenges and adapt their strategies to remain competitive. By closely monitoring market trends and customer preferences, the New York mobile sports betting market can potentially rebound and experience sustained growth in the future.