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The state of New York has crossed $25 billion in all-time sports wagering handle with the New York State Gaming Commission‘s reporting of $1.17 billion worth of wagers for the month of June.
The Empire State joined neighboring New Jersey and Nevada in that rarified handle air, with the overwhelming majority of its $25.8 billion handle coming in the last 18 months, following the launch of mobile wagering in January 2022. New York has cleared $1 billion handle in 16 of 18 months in its mobile era, highlighted by an all-time post-PASPA high for any state of close to $1.8 billion in January.
New York’s nine mobile sportsbooks and four retail locations reported adjusted gross revenue totaling $104 million for June, the lowest monthly haul to date for 2023. Online revenue accounted for all but $128,857 of that total. Despite the year-low figure, it was still 43.5% higher compared to June 2022, aided by an 8.9% hold that was more than two full percentage points higher.
New York’s $9.5 billion handle for 2023 is 6.6% higher compared to the first half of 2022, while revenue has surged 34.4% to $817.8 million. The house has been getting the better of the betting public, with the 8.9% hold up 26.3% versus the first six months of last year.
The state collected $53 million in tax receipts in June, lifting the total for 2023 to $416 million. That is running $106 million ahead of last year’s pace and well above then-Gov. Andrew Cuomo’s estimate of $500 million in annual tax revenue when he made his push to legalize mobile wagering with a 51% tax rate back in 2021.
DraftKings proves popular in Empire State
June marked the first monthly handle win for DraftKings in New York, as its market share surged from 34.7% in May to 41.9% in June. While its $488.5 million handle was up only 3.4% compared to the previous month, it represented an 80.8% increase over the comparable period in 2022.
The $37.1 million in revenue fashioned from a 7.6% win rate was more than double last June’s haul of $16.4 million, but it was still a distant second to FanDuel. DK’s rival online sports betting titan reported $418.2 million handle for June — clearing $10 billion all-time in the Empire State — and June’s 11.3% hold resulted in $47.2 million in operator winnings.
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It was the fourth consecutive month FanDuel’s hold was at least 10.7%, and June’s figure inched its year-to-date hold close to 11.2%. FanDuel also surpassed $400 million revenue for the first six months of the year, surging 47.9% higher versus January-June 2022.
Caesars Sportsbook grabbed third place in both categories, claiming $8.6 million in revenue from $124.8 million handle for a hold of 6.9%. BetMGM had the second-highest hold among mobile operators in June at 9.4%, which provided more than $7 million in revenue from $75.4 million wagered.
BetRivers rounded out the operators to reach seven figures in revenue for June, claiming $2.1 million from $32 million in accepted bets. PointsBet came within $14,000 of $1 million in revenue, posting a 6.3% hold from $15.7 million handle.
Resorts World takes it on the retail chin
The state’s four commercial brick-and-mortar sportsbooks had a meager 2.8% hold for June on $4.6 million wagered. Resorts World dragged the revenue number down significantly, as bettors came away with $113,427 more than the nearly $760,000 in wagers placed. It was the third monthly loss in 2023 for Resorts World, which saw its hold swing downward more than 39 percentage points from May.
Tioga Downs continued its slow road to the break-even point for the year, as it claimed just $5,943 in winnings from more than $402,000 wagered. The Nichols-based resort is still $69,161 in the red for 2023 due to a three-month spell from February to April in which bettors came out $204,462 ahead from more than $1.4 million bet.
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