New York sports betting handle hits lowest point of the year in July
Empire State mobile operators record $1.26bn in total bets, marking lowest level since August 2023, but GGR ticks up against June 2024
The summer slowdown in the sporting calendar continued to impact New York sportsbooks, which recorded $1.26bn in total handle in July, according to new data from the New York State Gaming Commission.
Statewide handle, which has now dropped for two consecutive months, was the lowest since August 2023, but still up from $962.1m in July 2023 — which incidentally marked the last time New York mobile operators failed to surpass the $1bn threshold in monthly handle.
Gross gaming revenue (GGR) for the month amounted to $140.3m, marking a 33.5% year-on-year (YOY) increase from $105.1m during the same period in 2023.
GGR was also up 4.8% from June, despite the lower cumulative handle, thanks to a statewide hold of 11.1%. Conversely, June hold was 9.1%.
As a result, operators sent $71.6m in tax payments back to the state to benefit education.
Turning to operators, the pecking order remained largely unchanged, with FanDuel leading the way in both handle ($482.5m) and revenue ($59.3m), equating to a strong 12.3% hold.
DraftKings was not too far behind its primary US competitor, generating a little less than $48m in GGR on $456.8m in total wagers for a 10.5% hold.
Caesars was the only other operator to crack nine figures in handle, accepting $108.6m in total wagers while accruing $10.8m in revenue.
BetMGM took the fourth spot, with handle of $89.2m resulting in GGR of $8.8m, while Fanatics Betting and Gaming handle reached $76.1m to return GGR of $8.9m.
Apart from the return of football this month – the NFL preseason is ongoing while the college football regular season kicks off toward the end of the month – New York bettors will also see the introduction of ESPN Bet.
PENN Entertainment CEO Jay Snowden confirmed on a recent earnings call that the brand is set to launch ahead of the college football opener on August 24.