The online sports betting market in New York witnessed a second consecutive month with a handle below the $1 billion mark in August. Despite a slight increase from July, players spent $872.2 million, signifying an 8.9 percent rise. However, gross gaming revenue showed a significant surge, reaching $99.6 million, a 35.3 percent increase from the previous month. FanDuel Group, owned by Flutter Entertainment, maintained its market leadership position, followed closely by DraftKings and Caesars Sportsbook. As the market continues to evolve, various operators are competing for their share of revenue and player engagement. Additionally, Lotto.com has expanded its services to New York, Texas, and Colorado, allowing customers to purchase official state lottery tickets conveniently through their online platform and designated locations.
New York’s Sports Betting Handle in August:
Despite showing a slight improvement from the previous month, New York’s online sports betting handle remained below the $1 billion threshold for the second consecutive month. Players wagered a total of $872.2 million in August, signifying a steady demand for sports betting activities.
Surging Gross Gaming Revenue:
On a positive note, New York’s online sports betting market experienced a significant rise in gross gaming revenue in August. Reaching $99.6 million, this represents a notable 35.3 percent increase from the previous month, showcasing the market’s potential for revenue generation.
Market Leaders in New York:
FanDuel Group, a prominent operator under Flutter Entertainment’s ownership, maintained its position as the market leader, reporting $46.6 million in revenue from $374.6 million in bets. DraftKings closely followed with $25.9 million in revenue from $244.5 million in wagers, while Caesars Sportsbook recorded $12.7 million in revenue from $117.6 million in bets.
Other Operators in the Market:
Several other operators also made their mark in the New York sports betting landscape. BetMGM registered $8.8 million in revenue from a $73 million handle, while PointsBet recorded $2.5 million in revenue from $23.8 million in bets. Additionally, Rush Street Interactive reported $2.2 million in revenue from $26.5 million in player bets, and Wynn Interactive generated $492,014 from a $6.7 million handle. Resorts World recorded $352,785 in revenue and $4.5 million in wagers. Notably, BallyBet, in its first full month of operations in New York, posted $97,502 in revenue and a $1 million handle.
Lotto.com Expands to New York, Texas, and Colorado:
In the midst of the evolving sports betting market, Lotto.com has expanded its services to three additional states: New York, Texas, and Colorado. Customers can conveniently order official state lottery tickets through the platform, either online or at designated Players Café locations. The expansion allows players in these states to participate in popular games such as Powerball and Mega Millions.
New York’s online sports betting market continues to show promise, despite experiencing a second consecutive month with a handle below $1 billion. The surge in gross gaming revenue indicates untapped potential for operators to thrive in this growing market. As the competition intensifies, operators like FanDuel Group, DraftKings, and Caesars Sportsbook vie for their share of revenue and player engagement. Additionally, the expansion of Lotto.com’s services to New York, Texas, and Colorado provides an exciting avenue for players to participate in state lotteries conveniently. As the market evolves, operators will continue to innovate and cater to the demands of the growing player base, shaping the future landscape of online sports betting in New York.