New York’s sports betting handle fell below the $1 billion mark for the first time since August 2022. Total handle for the month of July was $966.6 million, with mobile sports betting once again the primary recipient – taking $962 million of the total $966.6 million as reported by the New York Gaming Commission.
NY mobile sports betting handle fell 17.5% month-over-month from June’s $1.17 billion but up 20% year-over-year on July 2022. The hold percentage for the month was 2 percentage points higher than June, recorded at 10.9%. This sits comfortably above the total since the legalization of sports betting in New York, which is 8.7%.
Retail sportsbooks generated $0.4 million in revenue for the month, with mobile operators reporting a total of $105.5 million in taxable revenue. This is actually an increase (due to higher hold) on June by 1.3%, and up 43.4% on year-over-year results.
Given the large 51% tax rate on GGR in the Big Apple, tax receipts totalled $53.7 million for the month, bringing the total tax contribution to over $1.1 billion since legalization.
When broken down by operator, the following results were reported:
- FanDuel: $384.6 million handle, $41.1 million revenue, 10.7% hold
- DraftKings: $340.4 million handle, $41.1 million revenue, 12.1% hold
- Caesar’s Entertainment: $111.1 million handle, $8.6 million revenue, 7.7% hold
- BetMGM: $65 million handle, $6.7 million revenue, 10.3% hold
- Rush Street Interactive: $35.7 million handle, $3.2 million revenue, 9.0% hold
- PointsBet: $14.4 million handle, $1.3 million revenue, 9.0% hold
- Wynn Bet: $6.7 million handle, $0.5 million revenue, 7.5% hold
- Resorts World: $4.2 million handle, $0.5 million revenue, 11.9% hold
BallyBet took no wagers following its recent decision to cease operations in NY. Wynn has recently announced the closure of sports betting and iGaming operations in eight states, but has, for now, placed New York ‘under review’. Customers have been assured nothing is changing in the state, for now.
Although New York online casino is the operators dream, legislative efforts to push it through have been stalled and arguably face an uphill battle. The competitive landscape in the Big Apple is intriguing, however, with the potential exit of Wynn also paving the way for PENN x ESPN Bet to enter the state in a bid to challenge the status quo.