We have reached the nadir of the sports betting calendar. Which means there’s nowhere to go but up from here.
According to data from the New York State Gaming Commission, NY sports betting apps totaled just $962.1 million in handle for the month of July, snapping a streak of 10 straight billion-dollar months.
While it is the lowest month of the year for New York, it was much-expected. And in truth, it was a good month for the NY sports betting industry.
NY sports betting ahead of 2022 pace
In addition, NY sportsbooks combined for $105 million in gross gaming New York ports betting revenue, resulting in $53.6 million in state tax revenue.
All three metrics – handle, revenue and state tax revenue – are increases from last year’s record-setting pace and continue to push the year-to-date totals even further beyond 2022’s results.
Handle, or the total amount wagered, is up more than 7.5% through the first seven months of 2023 compared to last year. In 2022, online sportsbooks in NY handled north of $9.3 billion through July. So far this year, that number is already above $10 billion.
Revenue from sports betting is way up YTD. The $920.3 million reported so far in 2023 is a nearly 30% increase over 2022’s $680.5 million.
The bump in handle and revenue directly correlates to more tax revenue for the state of New York. Online sports gambling has generated more than $469.3 million in taxes, up 30% from 2022.
Breaking down July 2023 NY sports betting by operator
A month after giving up the top spot, FanDuel Sportsbook NY returned to the top spot in terms of handle with $384.6 million, wresting the No. 1 position away from rival DraftKings Sportsbook NY, which reported $340.4 million.
Only Caesars Sportsbook NY joined the two sportsbooks with over $100 million in handle, although its $111.1 million stood as its lowest since launching in January 2022. Similarly, BetMGM Sportsbook NY ($65.1 million) and PointsBet Sportsbook NY ($14.4 million) reported lifetime lows in New York.
|Online Sportsbook||Handle||Gross Gaming Revenue||Tax|