New York’s Online Sports Betting Revenue Drops 34% in June

Empire State sports betting operators suffered their second-worst month-over-month revenue dip since wagering went live in January 2022. 

The New York Gaming Commission reported June revenue of $133.9 million, down 34.1% from May’s second-highest-ever total of $203.3 million. It’s just the second time in the last 10 months that New York operators hauled in less than $150 million in a single month.   

A major drop off in revenue from May to June has been the norm. This year, the difference between the two months was nearly $70 million. In 2023, revenue fell by $48 million, and in 2022, that number was $37.3 million.  

The all-time largest dip came earlier this year when January’s record revenue of $211.5 million fell to $131.4 million in February.

With the NBA and NHL wrapping up their playoffs, there weren’t as many sportsbook-advantageous games to feast on. The June handle of $1.5 billion was down 25.4% month-over-month, and bettors got the operators’ hold down to 8.9%, down from May’s 10.3% win rate.    

On the up and up 

However, June’s figures are still positive compared to the same month in 2023. 

The handle rose 14.6% year-over-year from $1.2 billion, and while it was the lowest monthly amount wagered in New York since August 2023, it marked 10 consecutive months of handles of at least $1.4 million. 

It wasn’t all bad news when it came to revenue as the June figure was up 31.6% year-over-year. A total $103.8 million was produced in June 2023, the second-lowest single-month profit in the last 22 months.

New York sports betting filled its coffers with $68.3 million from the 51% tax rate, which was up nearly $17 million from the previous year.        

Free falling 

FanDuel and DraftKings saw sharp month-over-month drop-offs. FanDuel went from $747.5 million in May wagers to $571.3 million in June, a 23.5% decrease. The online sportsbook still produced a state-best $67.1 million in revenue. 

DraftKings suffered a worse June fate as its $521.6 million handle was down 35.8% month-over-month. June revenue fell from more than $40 million from May’s haul.  

Caesars and BetMGM came in fourth and fifth, as usual, in the New York market with handles of $127.7 million and $100.6 million, respectively. Both endured significant month-over-month decreases. 

BetRivers, though, saw the amount wagered in June rise nearly 50% to $68.7 million, but a hold of 2.6% led to a 50% month-over-month decrease in revenue. Fanatics held its own in handle but could only reach a win rate of 3.7%.

None of the other three Empire State operators lost money in June, but Bally Bet was the only sportsbook in New York to see a revenue increase despite a lesser month-over-month handle, thanks to a 9.5% hold. 

Halfway home 

New York sports betting operators put up the best first half of a year yet. The sixth-month handle surpassed $10 billion and is nearly two months ahead of last year’s pace.

Revenue reached $1 billion year-to-date after June’s haul. New York’s revenue high of $1.7 billion in 2023 will likely be toppled with the looming profitable football season. The Empire State’s monthly average hold is around 8.8%.

New York has filled its coffers with $518 million in tax revenue year-to-date. 

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