The annual downturn in sports betting action has begun in New York.
With both the NBA and NHL wrapping up their seasons last month, Major League Baseball remains as the only major professional sports league in action. And that showed in the June revenue report for New York sportsbooks.
According to data from the New York State Gaming Commission, operators in the Empire State combined for just $1.47 billion in accepted wagers last month, down 25% when compared with May’s figures. Similarly, overall gross and tax revenue dropped by 34% month over month to $133.93 million and $68.3 million, respectively.
Despite the expected dip, 2024 remains 20.6% ahead of last year’s pace through six months in all three categories.
Sportsbooks well on way to another record-breaking year
In three years of online sports betting in New York, no May-to-June transition saw quite the drop-off as in 2024.
In 2022, the month-to-month downturn in handle clocked in at 16.8%, followed a year later by a 14.1% drop.
Then again, no June saw as high a handle as in 2024 either, with the $1.47 billion last month sitting 26% ahead of June 2023, which saw $1.16 billion in bets.
The same can be said for revenue (29% year-over-year increase) and state tax revenue (up 32% from 2023).
Also in June, sportsbooks in New York crossed the $4 billion lifetime mark for gross gaming revenue.
As for where the industry stands six months in, NY sportsbooks are well on their way for a third straight record-setting year. For example, in 2024, operators sit at $10.99 billion in handle, nearly $8 billion behind the total recorded in 2023. And in terms of state tax revenue,
over $861.8 million
Category | 2024 | 2023 | Year-over-year change |
---|---|---|---|
Handle | $10,988,050,866 | $9,111,340,730 | +20.6% |
Revenue | $1,015,682,133 | $652,325,783 | +55.7% |
Tax | $518,004,889 | $414,646,819 | +24.9% |
Breaking down individual NY sportsbooks from June
The usual suspect sat atop the monthly rankings in June, as FanDuel Sportsbook NY totaled $571.25 million in accepted wagers. It marks the operator’s lowest total since August, but FanDuel is about three months away from eclipsing $20 billion in lifetime handle in the Empire State.
Another landmark is in sight, as well. At $998.3 million in state tax revenue, FanDuel will assuredly become the first $1 billion lifetime contributor to the state in July.
Like FanDuel, DraftKings Sportsbook NY had its worst month since August in both handle ($521.6 million) and NY sports betting revenue ($40.9 million). DraftKings did, however, join FanDuel as the lone New York sportsbooks to record $15 billion in lifetime handle.
Elsewhere, BetRivers Sportsbook NY was the only operator to see a month-to-month increase in handle at $68.79 million. On the flip side, WynnBet Sportsbook NY represented the only platform to experience a year-over-year decrease ($1.5 million).
Online Sportsbook | Handle | Gross Gaming Revenue | Tax |
---|---|---|---|
FanDuel | $571,253,449 | $67,087,563 | $34,214,657 |
DraftKings | $521,592,095 | $40,903,346 | $20,860,706 |
BetMGM | $100,619,508 | $6,844,451 | $3,490,670 |
Caesars | $127,748,121 | $8,588,453 | $4,380,111 |
BetRivers | $68,792,088 | $2,521,270 | $1,285,848 |
Fanatics | $67,260,913 | $6,688,146 | $3,410,955 |
Resorts WorldBet | $7,395,508 | $572,891 | $321,968 |
Bally Bet | $6,891,883 | $658,294 | $335,730 |
WynnBet | $1,517,916 | $66,665 | $33,999 |
Total | $1,473,071,481 | $133,931,080 | $68,304,851 |