New York sports betting revenue falls to $125m in August
GGR figure marks 12-month low for Empire State operators despite generating $1.44bn in monthly handle
Online sports betting revenue in New York fell to $125m in August, which marked a 12-month low for operators, according to new figures from the New York State Gaming Commission.
Despite the slower month, gross gaming revenue (GGR) was still up 26.9% year-over-year (YOY) from $98.5m in August 2023, which doubled as the last month in which GGR didn’t surpass at least $130m in the Empire State.
Revenue saw a monthly decline of 10.9% from $140.3m in July despite August handle totaling $1.44bn – a 13.9% month-over-month (MOM) uptick and a 29.1% YOY increase.
The discrepancy is attributable to a more successful run for bettors in August as statewide hold checked in at 8.7%, down more than two percentage points from 11.1% in July and the lowest overall monthly hold since March.
Operators sent $63.8m in tax payments back to the state in August, with proceeds benefiting education initiatives.
On the operator front, FanDuel led the way with $52.6m in GGR – good for a 42% share of the market – on $511.6m in handle, equating to a strong 10.3% hold.
DraftKings, meanwhile, accepted a higher volume of bets – $526.7m – than its primary competitor but was only able to register an 8.2% hold on them, leading to $43.3m in revenue.
Caesars maintained the third spot on the podium with $9.4m in revenue on $119.9m in handle, giving way to a below-average 7.8% hold.
Fanatics, which wasn’t too far behind Caesars at $8.5m in revenue, was able to notch up a 9.1% hold on $93.1m in total wagering volume.