June Sees Lowest Online Sports Betting Spending in New York in Ten Months
Player spending on online sports betting in New York has experienced a significant drop, with June marking the lowest total in ten months. The total handle for the month was recorded at $1.47 billion, representing a 25.4% decline from May's $1.97 billion. Despite this drop from the previous month, this figure still indicates a 25.6% increase compared to June of the previous year. The summer months are traditionally quieter for sports betting, and this seasonal trend appears to have strongly influenced the recent figures.
Revenue Figures Take a Hit
Revenue figures for June also reflected the downturn in activity, hitting the smallest monthly total since February. Gross gaming revenue for June stood at $133.9 million, which is 34.1% lower than May's total earnings. However, this number is still 29.0% higher on a year-on-year basis, a testament to the growing interest in online sports betting in New York, even during the quieter months.
The lack of high-stakes events in June undoubtedly played a role in the reduced betting activity. Both the NBA and NFL finals concluded in the first few weeks of the month, and notably, neither featured a New York team vying for the championship. Major sports leagues enter their off-seasons in June, contributing to fewer captivating events for bettors.
Performance of Leading Operators
FanDuel led the way among the operators, posting $67.1 million in revenue from $571.3 million in total wagers for June. They also made a significant contribution to state taxes, paying $34.2 million for the month, and have contributed nearly $998.3 million since January 2022. DraftKings followed with $40.9 million in revenue from a $521.6 million handle. Caesars saw customers stake $127.7 million, leading to $6.8 million in revenue, while BetMGM reported an identical $6.8 million in revenue from $100.6 million wagered. These figures highlight the dominance of top operators in the New York online sports betting market.
Fanatics, a relatively newer player in the field, reported a handle of $67.3 million and garnered $6.7 million in revenue with an impressive hold percentage of 9.96% for June. Rush Street Interactive generated $2.5 million from $68.8 million in total wagers. Meanwhile, BallyBet, Resorts World, and Wynn Interactive posted revenues of $658,294, $572,891, and $66,665, respectively.
The Influence of Seasonal Trends
The ongoing MLB season, which runs through the summer, traditionally does not drive substantial betting activity, contributing to the lower figures. June also featured events such as the Belmont Stakes, golf’s US Open, and the Copa América football tournament. Despite the Copa América taking place in the US for only the second time, it did not significantly boost the betting handle.
The sports betting market in New York typically sees its activity wane in June, with numbers often dropping further in July before a slight recovery in August. The market traditionally heats up again with the onset of the NFL season in September, which consistently drives high engagement and wagering.
June is typically the most robust of the summer months for sports betting, but major sports leagues being in their off-seasons and fewer high-stakes events meant a drop in betting activity was expected. As the NFL season approaches, there is optimism for a resurgence in the sports betting market in New York.