In July, New York's online sportsbooks reported a gross gaming revenue (GGR) of $214.4 million, even as betting volume saw a drop from the previous month. Data from the New York State Gaming Commission revealed that the state's eight licensed sportsbooks accepted $1.88 billion in wagers, translating to an 11.4% hold and marking one of the strongest revenue performances of the year.
The figures highlight a key aspect of sports betting: profitability relies on both wagering volume and the hold percentage. Although July's handle fell from the record levels seen in June, which reached $2.25 billion, a significant increase in win rate compensated for this decline, resulting in a notable surge in revenue.
Total wagers in July declined by 16.7% compared to June, while revenue climbed dramatically by 83.5% from $116.8 million to $214.4 million, thanks to a recovery in sportsbook margins. Operators kept 11.4% of wagers in July, a stark increase from the 5.19% retained in the prior month. This contrast illustrates how monthly revenue can vary independently of betting activity, emphasizing how customer-oriented results can compress operator hold at times before returning to more normalized levels.
Year-over-year, New York's sports betting market is still thriving. The total wagering volume rose 34.3% from July 2022, with gross gaming revenue increasing by 37.8%, suggesting that both customer engagement and operator earnings remain robust across the state. Six out of the eight licensed sportsbooks reported higher revenue than in June, benefiting from improved hold percentages.
The upcoming 2026 FIFA World Cup unexpectedly revitalized the summer betting landscape in the US, which often sees a lull after the NFL, NBA, and NHL seasons conclude. Major League Baseball typically dominates betting during the summer months, but the World Cup introduced high-volume international events that spurred additional wagering activity. Favorable outcomes in three-way moneyline markets, including Spain's victory over Argentina in the final, aided sportsbooks by enhancing hold percentages.
DraftKings and FanDuel continued to dominate the market, with DraftKings leading in betting handle for the second consecutive July, processing $661.5 million in wagers and achieving an 11% hold, translating to $72.9 million in GGR. FanDuel, while accepting $651.2 million in wagers, posted an impressive 13.2% hold, resulting in $86.1 million in GGR, nearly doubling its revenue from June and surpassing DraftKings in this month's earnings.
July's results emphasize that sportsbook success should not be judged solely by betting volume. While handle remains a primary metric, operator profitability is ultimately a product of effectively converting wagers into revenue. New York's latest performance indicators show that even with a dip in betting activity, favorable pricing and sporting results can substantially boost operator earnings. As the market anticipates the upcoming NFL season, sportsbooks aim to capitalize on July’s margin recovery and the sustained customer engagement observed throughout the year.
