Legal online sports betting in New York set records in 2022 and quickly became the nation’s largest market. Through the first six months of 2023, the Empire State is on pace to shatter last year’s numbers.
According to data released Friday by the New York State Gaming Commission, bettors wagered over $1.16 billion online in June. Last month’s figure represents a nearly 11% increase over June 2022.
Online sportsbooks in NY reported gross revenue of $103.8 million for the month. After paying out the state’s 51% tax rate, the mobile operators netted just under $51 million.
Year-to-date, more than $9.1 billion has been legally wagered with online sportsbooks in NY. That figure is 6.67% higher than the $8.5 billion gambled in the first half of 2022.
NY sports betting continues to grow
New York online sportsbooks reported just over $16.2 billion in total wagers in 2022, according to NYSGC data.
The online NY sports betting market launched in January 2022. Gamblers shelled out more than $1.6 billion in that first month. Since then, NY has been the country’s largest legal sports betting market.
Following last week’s data report, NY became the fastest state to report more than $25 billion in lifetime handle, or the total amount wagered. New Jersey and Nevada are the only other two states to have ever eclipsed $25 billion handle, but both took several years to accomplish the feat, while NY did it in less than 18 months.
New kings of NY online sports betting?
The country’s two largest online sportsbooks, FanDuel and DraftKings, also control much of the NY market.
In June, more money was gambled on DraftKings Sportsbook NY ($488.5 million) than FanDuel Sportsbook NY ($418.2 million). It was the first time any operator besides FanDuel reported the highest monthly handle in NY since January 2022.
Compared to June 2022, FanDuel’s monthly handle declined by more than 11.5% in June 2023. DraftKings’ year-over-year monthly handle increased by 80.8% in June.
However, the home team got the last laugh. FanDuel reported $23.1 million in revenue after taxes. Boston-based DraftKings posted monthly revenue of $18.2 million in June.
Breaking down NY online sportsbooks in June
Caesars was the only other online operator in NY to take more than $100 million in bets last month. According to the NYSGC report, Caesars Sportsbook NY reported a monthly of $124.8 million and post-tax revenue of $4.2 million.
BetMGM Sportsbook, the jointly-owned digital gambling platform from MGM Resorts and Entain had a monthly handle of $75.4 million and $3.5 million in revenue after taxes.
Rust Street Interactive‘s BetRivers Sportsbook generated over $1 million in revenue on almost $32 million in wagers. PointsBet Sportsbook took nearly $15.7 million in bets and reported revenue of $483,491 for the month.
WynnBet (handle: $7 million; post-tax revenue: $233,535) and Resorts World Sportsbook ($4 million; $91,767) added to the statewide total.
In mid-June, BallyBet announced it was temporarily suspending its digital sportsbook platform. As a result, the NY sportsbook saw very little action. It had just $898,761 in bets and $33,535 in revenue.