New York State mobile sports betting and revenue posted a record low for the state in June, with players spending $1.05 billion, the shortest monthly total since the regulated market launched in January. Revenue also fell to a record low, declining 34.1% month-on-month to $72.4 million. The New York betting landscape is now complete, with Bally Bet having now commenced operations.
Despite this June dip, Gov. Kathy Hochul focused on the record-setting total posted by the state in its year-to-date figures: in less than six months, the state collected $302.3 million in tax revenue, “far exceeding any other state and surpassing expectations.”
“In just six months, New York has become a leader among states in implementing successful gaming policies, with hundreds of millions of dollars going to important programs that will improve the lives of all New Yorkers,” Gov. Hochul said. Tax revenue in the state is reinvested in education, grants for youth sports programs, and problem gambling prevention and recovery.
New York State Gov. Kathy Hochul
According to reports, New York has collected more in mobile sports wagering revenue in half a year “than the total sports wagering revenue that any other state has generated over several years.” In comparison, through May 2022, Pennsylvania has collected $265.6 million in tax revenue since November 2018; and New Jersey has generated $237.1 million since June 2018.
“New York State has established itself as the leader in sports wagering in only six months,” New York State Gaming Commission Executive Director Robert Williams said. “The numbers and timeline clearly indicate that New York’s model successfully harnessed the excitement of sports wagering and continues to maximize its potential.”
In June, consumers wagered 16.7% less than the $1.26 billion in May, the previous lowest monthly handle in the state, marking the third consecutive month of decline. In terms of operators, FanDuel remained the market leader, with $39.6 million in revenue from $472.9 million in bets.
DraftKings placed second ($16.4 million revenue, $270.2 million handle) and Caesars third ($6.3 million revenue, $156.4 million handle). BetMGM posted the same revenue, but lower handle ($92.4 million), landing fourth place.
We’re in a New York state of mind. Now live!
Download our sports betting app for NY at https://t.co/N4tiyGCgYU.#letsplay #ballyverse pic.twitter.com/UsWJ5paIHI
— Bally Bet (@BallyBet) July 8, 2022
The eight operators that are already live in the state -a list that also includes Rush Street Interactive, PointsBet, WynnBet and Resorts World– are now set to face extra competition from Bally Bet. The ninth and final operator to offer mobile sports wagering in New York has already commenced operations.
“The recent launch of New York’s final sports wagering operator will provide key revenue for education, youth sports programs, and problem gambling support,” Gov. Hochul’s office stated. Bally Bet was authorized to accept wagers on July 7. The sportsbook is now live in five states: New York, Colorado, Indiana, Iowa, and Virginia.
“With Bally Bet now coming online, there will be even more competition in this growing market,” said State Senator Joseph P. Addabbo, Jr. “The success of New York’s regulated mobile sports betting allows its residents to safely place wagers in their own state.”
Last month, Sen. Addabbo announced he co-sponsored legislation that seeks to create a Problem Gambling Advisory Council amid the state’s sports betting boom. The new body is tasked with identifying issues affecting those suffering from a problem gambling disorder and recommending ways to make prevention and treatment more accessible. The bill, approved in June, awaits for Gov. Hochul to sign it into law.