DraftKings has taken the top spot in the New York sports betting market after it processed more money through wagers than its fierce rival FanDuel in June.
It comes as New York’s sports betting market took a slump last month, with revenue in the Empire State dropping to its lowest figure since August 2022.
Data published by the New York State Gaming Commission revealed that handle stood at $1.17bn during June, up 54.7% year-over-year. However, unsurprisingly, given the seasonal nature of the sporting industry, this marks a decline of 14.1% from May’s handle of $1.36bn.
With the NFL in its off-season and the NBA Finals drawing to a close last month, a decline in sports action fuelled a drop in wagering activity across the state, something that will be mirrored nationwide as regulators publish figures throughout July.
Operators enjoyed a hold rate of 8.9%, which is also down from the 11.2% that was recorded in May, leading revenue to sharply decline from $151.9m to just $103.8m, a drop of 31.7% in a month.
However, it still represents sturgeon annual growth for the US’ largest sports betting market, as revenue hiked 43.4% YoY from the $72.4m recorded in June 2022.
Breaking down the handle per operator, DraftKings took the number one spot, breaking FanDuel’s dominance and taking $488.5m in bets. Meanwhile, FanDuel took $418.2m as it fell into second place after a lengthy spell at the top of the charts.
Here is a breakdown of the other operator’s handle during June:
Caesars: $124.8m
BetMGM: $75.4m
Rush Street: $31.9m
PointsBet: $15.6m
Wynn: $6.9m
Resorts WorldBet: $4m
BallyBet: $898k
Meanwhile, on the revenue front, FanDuel maintained its position as the number one revenue maker in New York, generating $47.2m last month. DraftKings, despite taking around $70m more in bets, generated $37.1m in revenue, $10m less than its rival.
Here’s a look at the other operator’s GGR last month:
Caesars: $8.5m
BetMGM: $7m
Rush Street: $2.1m
POintsBet: 987k
Wynn: $477k
ResortsWorldBet: $187k
BallyBet: $68k
Taking into consideration the 51% tax rate on sports betting that is imposed in New York, operators netted $50.9m during June, meanwhile, they spent $52.9m in taxes to fund local education requirements.
