NY Online Sports Betting Back Above $1 Billion In Bets In August

Written By David Danzis on September 8, 2023
Sports betting handle in NY went back above $1 billion in August, from playny.com

Online sports betting in New York returned to form in August. The total amount wagered eclipsed $1 billion for the month after briefly falling below the threshold in July.

Despite the standard summer dip, NY sports betting is well ahead of last year’s record-setting pace, according to data from state gambling regulators.

Sports gamblers in NY bet more than $1.1 billion in August, a 27.5% year-over-year increase from the $872 million in August 2022. Online sportsbooks in NY reported more than $98.5 million in revenue for the month, which was a 1.1% decline from the $99.6 million last year.

The New York State Gaming Commission published August’s sports betting data on its website Friday afternoon.

Recent handle totals up 19% vs. 2022

Over the last three months, the handle (total amount wagered) reported by the nine online sports betting operators in NY is slightly above $3.2 billion, just under 19% higher than over the same three-month stretch in summer 2022. Year-to-date, 2023’s handle of $11.2 billion is 9.5% ahead of last year’s mid-summer benchmark of $10.2 billion.

The state of New York is reaping the fiscal benefits of legalized online sports gambling. Over the last three months, NY has collected nearly $157 million in taxes on internet sports wagering revenue. So far in 2023, the state has collected nearly $520 million in taxes from legalized online sports gambling, according to the NYSGC. Those figures are up 25.1% and 30.6%, respectively, over 2022.

NY quickly became the largest domestic sports betting market last year after launching online sportsbooks in January. The online sports betting market in NY is on pace to surpass last year’s performance, based on the state’s data.

DraftKings reclaims NY sports betting crown from FanDuel…sort of

DraftKings Sportsbook and FanDuel Sportsbook flip-flopped at the top spot again in August.

Boston-based DK reported nearly $447 million in total bets, while NY’s FanDuel took $409 million in action.

In June, DraftKings became the first operator to outperform FanDuel in New York since the start of the online sportsbook era. FanDuel, the largest national sportsbook operator, reclaimed the crown from DraftKings in July.

However, FanDuel still got the last laugh by posting a higher win than its rival. For August, FanDuel netted just under $42 million in revenue. DraftKings reported gross gaming revenue of $35.4 million for the month.

Everybody else is looking up

Caesars Sportsbook was the only other online operator to report a monthly handle of $100 million or greater. In August, Caesars took $120 million in legal wagers and kept $9.6 million in revenue.

BetMGM Sportsbook was a distant fourth in the NY market last month. The operator netted $6.5 million in revenue on more than $70.5 million in wagers.

The only other sportsbook with a monthly handle north of $30 million in August was BetRivers. The Rush Street Interactive platform reported $36.3 million in handle and just a shade under $3 million in revenue.

Recently-sold PointsBet Sportsbook took $17 million in bets and reported just shy of $1 million in revenue ($914,020).

WynnBet announced it was shutting down in eight states in mid-August, but NY was not one of them. The Las Vegas-based digital sportsbook had a monthly handle of $8.5 million and revenue of $752,000.

Resorts World Sportsbook‘s handle of $4.2 million and reported revenue of $323,000 were both at the bottom of the market.

BallyBet Sportsbook was inactive for the month as the company updated its technology.

Photo by Charlie Riedel / AP Photo
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David Danzis

David Danzis is a writer for PlayNY. A New Jersey native and honors graduate of Rutgers University, he served as a newspaper reporter for the New Jersey Herald and Press of Atlantic City, earning statewide awards for his coverage of politics, government, education, sports and business. Today, he contributes to New York's growing legal gambling landscape, including online sports betting and potential legalization of NY online casinos. David lives in Mays Landing with his wife and two children. When not on the beach, a golf course, or snowboarding, David enjoys watching his beloved New York sports teams — Yankees, Jets, Rangers and Knicks.

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