Player spending on online sports betting in New York has dropped to its lowest total in ten months as of June. The overall handle for June hit $1.47 billion, which, while a notable 25.6% increase compared to June of the previous year, represents a significant 25.4% decline from May's $1.97 billion. This marks the lowest spending levels since August 2023, when consumers wagered $1.11 billion.
The revenue figures tell a similar story. Gross gaming revenue for June stood at $133.9 million, posting a year-on-year increase of 29.0%. However, this revenue fell substantially short of May’s earnings, dropping by 34.1%. June's revenue barely edged out February’s figure of $131.4 million. A closer look at the calendar reveals some significant contextual factors explaining the June dip: the NBA and NFL finals concluded in the early weeks of the month, and neither of the finals featured a New York team competing for the championship.
Summer months have traditionally been quieter for sports betting in New York and across the United States. June, despite being typically the strongest of the summer months for sports betting, still suffers from the off-seasons of major sports leagues. With the NBA and NFL finals early in the month and major sports leagues taking a break, fewer high-stakes events captivated bettors in June. This decline is expected to further intensify in July, with a slight recovery anticipated in August before the market heats up in September with the onset of the NFL season, a consistent driver of high engagement and wagering.
Performance of Operators
Amongst the operators, FanDuel was the standout, leading the pack by posting $67.1 million in revenue from $571.3 million in total wagers for June. Additionally, FanDuel contributed $34.2 million in taxes for the month and has paid nearly $998.3 million into state coffers since January 2022. DraftKings followed with $40.9 million in revenue from a $521.6 million handle.
Caesars saw customers stake $127.7 million, resulting in $6.8 million in revenue, while BetMGM also reported $6.8 million in revenue from $100.6 million wagered. Fanatics, with a handle of $67.3 million, generated $6.7 million in revenue with a hold percentage of 9.96% in June. Rush Street Interactive posted $2.5 million in revenue from $68.8 million in total wagers, and BallyBet, Resorts World, and Wynn Interactive posted revenues of $658,294, $572,891, and $66,665 respectively.
Summer Events and Their Impact
The MLB season, which runs through the summer, does not traditionally drive significant betting activity, contributing to the quieter summer betting landscape. Even with major events such as horse racing's Belmont Stakes, golf’s US Open, and the Copa América football tournament—held in the US for only the second time—the betting enthusiasm remains low. Despite June's relative strength compared to other summer months, the overall market felt the absence of flagship events that typically drive betting surges.
Looking at the horizon, the sports betting market in New York is set for a resurgence in September. The onset of the NFL season is a consistent catalyst for high engagement and wagering, likely reversing the summer slump. With major leagues returning to action, New York’s sports betting landscape will undoubtedly rebound robustly, propelled by the relentless enthusiasm and dedication of its bettors.