Billion-Dollar Bubble In NY Sports Betting Market Bursts In July

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NY sports betting

NY sports betting accounted for $962.1 million in online wagers in July, the first month this year it failed to surpass $1 billion in handle.

July’s handle total is a 17.5% drop from June ($1.16 billion.) However, it is a 20% increase over July 2022, when New York sports betting reached $800.7 million.

July is typically a slower month with fewer events on the sports betting calendar throughout the country.

FanDuel back in NY sports betting lead

FanDuel landed back atop the online NY sports betting market. It handled $384.5 million in online bets, outpacing DraftKings by over $84 million in July.

According to figures released last week by the New York State Gaming Commission, FanDuel took in 40% of all New York sports betting dollars online during the month. It is an increase over the 36% of total handle FanDuel received in June.

DraftKings handled $340.3 million, or 35%, online in July after it led all NY sports betting apps in handle the month before.

Dead heat in NY sports betting revenue

The two sports betting leaders in New York finished July with nearly identical revenue totals:

For DraftKings, it was an 11% increase over its $37.1 million revenue total from June. FanDuel saw its monthly revenue drop 13% compared to June, when it produced $47.2 million online.

Nearly all boost monthly revenue

BetMGM was the only other operator to experience a monthly revenue decline in July. BetMGM generated $6.7 million last month, a 4% drop from its $7 million total in June.

DraftKings$37.12 million$41.08 million+11%
Caesars$8.57 million$10.61 million+24%
BetRivers$2.13 million$3.21 million+51%
PointsBet$986,717$1.34 million+37%
Resorts WorldBet$187,279$496,793+165%

Total online revenue in New York topped $105.1 million in July. Operators have combined for more than $100 million in revenue for 12 consecutive months.

With its 51% tax rate, the highest of all US sports betting markets, New York State collected nearly $53.6 million in July sports betting taxes.