New York sets record with $4 billion in sportsbook revenue

Industry

New York has become the first state to see its sportsbooks exceed $4 billion in revenue post-PASPA, the New York State Gaming Commission reported on Monday. Operator winnings for June reached $134.2 million, with the state collecting $68.3 million in taxes from a 9.1% hold.

Despite trailing New Jersey by $4.84 billion in handle, New York sportsbooks, which have accepted $46.87 billion in wagers, achieved an all-time hold of 8.8%, compared to New Jersey’s 7.5%. June’s revenue rose 29.1% year-over-year, while the $1.48 billion handle increased by 26.2%.

New York also surpassed $1 billion in sports betting revenue for the calendar year, generating $517.1 million in taxes from the 51% mobile operator tax rate.

FanDuel led the market with $67.1 million in revenue from $571.2 million in handle, holding 11.7% and surpassing 50% of mobile winnings for the first time since January. DraftKings followed with $40.9 million in revenue from $521.6 million in bets, holding 7.8%. Caesars was third, earning $8.6 million from $127.7 million in wagers with a 6.7% hold.

BetMGM narrowly outpaced Fanatics Sportsbook for fourth place, earning $6.8 million from a 6.8% hold on $100.6 million in handle. Fanatics achieved a 9.9% win rate, earning $6.7 million from $67.3 million in wagers. BetRivers accepted $68.8 million in bets but had the lowest hold at 3.7%, earning just over $2.5 million.

Bally Bet ranked seventh in revenue with $658,300 from a 9.6% hold on $6.9 million in handle. Resorts World earned $572,900 from a 7.8% win rate on $7.4 million in wagers. WynnBET collected $66,700 in June with a 4.4% hold on $1.5 million in handle, edging over $1 million in year-to-date winnings.

The state’s four commercial retail sportsbooks combined for $238,700 in winnings with a 5% hold on $4.8 million in handle. Retail revenue has dropped 30% compared to the first half of 2023.

June’s revenue of $133.9 million marked a 34% drop from May’s $203.3 million. Despite the decrease, the handle increased 14.6% year-over-year to $1.5 billion, and revenue rose 31.6%.

New York sportsbooks had a strong first half of 2024, surpassing $10 billion in handle. Expectations are high for the upcoming football season.

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