Sports Betting Revenue Soars 42% Year-Over-Year in New York

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New York’s nine online legal sports betting operators saw a significant revenue drop in June, but numbers were still positive compared to the same month in 2022. 
The Empire State’s online sports betting sites recorded gross gaming revenue of $103.8 million, which was down 31.7% from May. However, profits were up 42% year-over-year.
According to figures released Friday by the New York Gaming Commission, the state recorded a handle of $1.17 billion, marking the 10th consecutive month in the billion-dollar club. Wagers were down 14% month-over-month but up 11.3% year-over-year. 
New York’s operators finished June with an 8.6% hold, which...

New York’s nine online legal sports betting operators saw a significant revenue drop in June, but numbers were still positive compared to the same month in 2022. 
The Empire State’s online sports betting sites recorded gross gaming revenue of $103.8 million, which was down 31.7% from May. However, profits were up 42% year-over-year.
According to figures released Friday by the New York Gaming Commission, the state recorded a handle of $1.17 billion, marking the 10th consecutive month in the billion-dollar club. Wagers were down 14% month-over-month but up 11.3% year-over-year. 
New York’s operators finished June with an 8.6% hold, which was down 2.5 points from the previous month. 
The reported tax revenue of $52.9 million is the lowest since August 2022. The state has made over $415 million in 2023. Sportsbooks made nearly $51 million in revenue after taxes. 
FanDuel outpaces DraftKings in Monthly Revenue DraftKings led all New York sports betting operators in handle at $488.5 million. FanDuel was second at $418.1 million, but the latter outpaced its rival in revenue thanks to an 11.3% hold compared to DraftKings’ 7.6%.
FanDuel brought in $47.2 million in gross gaming revenue, ahead of the $37.1 million by DraftKings, but FanDuel’s profits fell 37.8% month-over-month. That ended a three-month streak of more than $70 million in monthly revenue.  Caesars ranked third in New York with a handle of $124.8 million and made $8.6 million in revenue.  BetMGM enjoyed a higher hold of 9.5% to haul in $7.05 million on a handle of $75.4 million. 
Weekly numbers improve for sportsbooks
In the weekly period ending July 2, New York operators’ revenue jumped 58% the week after profits fell below $20 million for just the fourth time in 2023.
Online sportsbooks claimed $25.9 million in revenue on a handle of $218.3 million, which was down 18.4% week-over-week. However, the 11.9% hold nearly doubled from 6.1% in the previous period. It’s the highest win rate in nearly a month, but the handle is the lowest since Aug. 28, 2022. 
FanDuel’s weekly handle of $88.1 million went up just 1.4% and remained below $100 million for the second consecutive week. Revenue, however, jumped from $8.2 million to $11.8 million because of a whopping 13.4% hold. 
DraftKings more than doubled its revenue by pulling in $8.5 million on a handle of $73.8 million for the week ending July 2. This article originally appeared on Covers.com, read the full article here
Source: https://www.covers.com/industry/sports-betting-revenue-soars-42-percent-new-york-june-2023