NY Bookies See Revenue Gains Despite July’s Handle Slump
The New York State Gaming Commission has published its monthly sports betting financials for July 2024.
New York June handle fell to lowest monthly total since August 2023. (Source: Chris Molloy, Pexels)
LISTEN TO THIS ARTICLE:According to the regulator, the state’s licensed sportsbooks collected $1.26 billion in total players’ bets during the month. This is a 31.2% increase from the $962.1 million reported in July 2023. However, compared to June this year, the total decreased by 14.3%.
Significantly, July’s handle is the state’s lowest monthly total since August 2023, when $1.11 billion was wagered.
July’s low betting activity is not very surprising since the month is typically slow for US sports, with only MLB in season. However, this year’s calendar saw more wagering action year-on-year because of the US early-month hosting of the Copa America football tournament and the start of the Olympic Games in late July.
Interestingly, while handle declined compared to the previous month, revenue jumped 33.5% year-on-year and 4.8% month-on-month to $140.3 million. The revenue boost was fueled by an improved operator hold percentage, which rose from 9.1% in June 2024 to 11.1%.
Due to New York’s 51% GGR tax rate, $71.6 million of the total revenue went towards education funding in the state, leaving operators with $68.8 million.
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FanDuel Dominates Market with Impressive Hold
Among the state’s regulated sportsbooks, FanDuel continues to lead the way with $59.3 million in revenue from a handle of $482.5 million. The operator’s large revenue was driven by a 12.3% hold that outperformed the industry.
DraftKings holds steady in second place, with $48 million in revenue from $456.7 million in revenue, thanks to a 10.5% hold. Caesars yielded $10.8 million from a handle of $108.6 million.
Fanatics generated $8.9 million in revenue from $76.1 million in wagers courtesy of an 11.7% hold. BetMGM, which collected a larger handle of $89.2 million, earned $8.8 million in revenue due to a lower hold of 9.7%.
Wynn Interactive ranked last in July with $51,222 in revenue from $936,926 in bets. However, its operation in the state will soon be taken over by Penn Entertainment subsidiary ESPN Bet, which acquired the brand’s NY license in February.
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