New York revenue falls below $100m in August

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New York’s sports betting revenue has fallen below $100m for the first time in 12 months as the quiet sporting calendar continued in the late summer. 

Data from the New York State Gaming Commission revealed that sports betting GGR was $98.5m, the lowest figure since July 2022 when the market was still growing. It is just the fourth month since the market opened that revenue was below $100m. 

The Commission revealed that operators handled $1.11bn in bets during August, which marked an increase on the $962.1m that bettors wagered in July. Meanwhile, it is also an increase year-over-year, as the August 2022 handle stood at just $872.2m.

Despite the increasing betting activity across the Empire State during August, the hold rate was 8.8%, which was much weaker than the 10.9% recorded in July. This meant that revenue dropped significantly to $98.5m, a decline of 6.3% from the month prior. 

The figure also represents a 1.1% decline in revenue on an annual basis.

Breaking down the figures per operator, DraftKings was the leader in the market in terms of handle, eclipsing FanDuel by handling $446.9m last month. FanDuel, meanwhile, processed $409.1m in bets for August. 

Here is a breakdown of the handle of the other operators in the Empire State: 

Caesars: $120.1m

BetMGM: $70.5m

Rush Street Interactive: $36.3m

PointsBet: $17.1m

WynnBet: $8.5m

Resorts World Bet: $4.2m

In terms of revenue, it was a different story. FanDuel took the most revenue in the state, making $42m from its operations last month. Meanwhile, DraftKings had a weaker hold rate than its rival generating $35.5m.

Here’s a look at the rest of the operator’s GGR: 

Caesars: $9.6m

BetMGM: $6.5m

RSI: $3m

PointsBet: $914k

WynnBet: $752k

Resorts World Bet: $322k 

In total, operators made $48.3m from activities in New York post-tax, while they paid out $50.2m to the state in taxes.

Next month the figures will likely increase to near-record levels with the NFL season already underway, ushering in a period of heightened betting activity from players.