In June, player spending on online sports betting in New York experienced a significant decline, falling to its lowest level in ten months. The total amount wagered in June was recorded at $1.47 billion, marking a 25.4% drop compared to May's handle of $1.97 billion. However, this figure represents a 25.6% increase from the same period last year, indicating a complex dynamic within the state's sports betting landscape.
The gross gaming revenue for June stood at $133.9 million. This is a 34.1% decrease from May's earnings, but still 29.0% higher than the revenue posted in June of the previous year. Notably, the revenue figure for June was barely above the $131.4 million collected in February, highlighting the seasonal fluctuations in sports betting activity.
Impact of Major Sports Events
June saw the conclusion of the NBA and NFL finals, events that traditionally attract substantial betting activity. However, with no New York teams vying for the championships, the local sportsbook operators did not see the expected surge in wagers. This trend is consistent with June being a quieter month for sports betting, not just in New York but across the United States.
The MLB season, which runs through the summer, typically does not generate significant betting activity. Although June includes major events such as horse racing's Belmont Stakes, golf’s US Open, and the Copa América football tournament (which is taking place in the US for only the second time), these events did not fully offset the lull created by the off-seasons of other major sports leagues.
Performance of Operators
Among the operators, FanDuel led the market with $67.1 million in revenue from $571.3 million in wagers, contributing $34.2 million in taxes for June. Since January 2022, FanDuel has paid nearly $998.3 million into state coffers, underscoring its dominance in the New York sports betting market.
DraftKings followed with $40.9 million in revenue generated from a $521.6 million handle. Caesars reported $6.8 million in revenue from $127.7 million staked, while BetMGM also collected $6.8 million in revenue from $100.6 million wagered. Fanatics posted a handle of $67.3 million, translating to $6.7 million in revenue, and maintaining a hold percentage of 9.96% for the month.
Other significant operators included Rush Street Interactive, which generated $2.5 million from $68.8 million in total wagers, BallyBet with $658,294 in revenues, Resorts World with $572,891, and Wynn Interactive, which earned $66,665 off $1.5 million wagered.
Seasonal Trends and Future Outlook
June's performance is reflective of the typical seasonal trends in sports betting, with the summer months generally being quieter periods compared to other times of the year. July often sees a further decline in betting activity, with a slight recovery in August, as sports leagues remain in their off-seasons.
However, the sports betting market is expected to see a robust resurgence come September with the onset of the NFL season, which consistently drives high engagement and wagering. In the meantime, operators will be looking to navigate the quieter summer months, possibly leveraging niche sports events and other marketing strategies to boost activity.
The sports betting landscape in New York remains dynamic, with fluctuating monthly handles and revenue figures. Despite the recent declines, operators continue to post substantial revenues, contributing significantly to state taxes. As the market adjusts to seasonal variations, the upcoming NFL season promises a return to high levels of activity and engagement.