New York has seen its sports betting revenues fall below $100m in the last 12 months, as the summer sporting calendar was quiet.
Data obtained from the New York State Gaming Commission revealed sports betting GGR at $98.5m. This is the lowest figure since July 20,22, when the market was still expanding. The market has only been open for four months and the revenue is below $100m.
In August, the Commission reported that operators had wagered $1.11bn more than they did in July. It is also a year-over-year increase, since the August 2022 handle was only $872.2m.
The hold rate in August was only 8.8% despite the increased betting activity throughout the Empire State. This was a much lower number than the 10.9% registered in July. The revenue fell to $98.5m (a 6.3% decline) from the previous month.
This figure represents an overall revenue decline of 1.1%.
DraftKings led the market by handling $446.9m in August. FanDuel processed $409.1m of bets in August.
Here’s a breakdown on the handles of other operators from the Empire State.
Rush Street Interactive : $36.3m
Resorts World Bet : $4.2m
It was a completely different story in terms of revenue. FanDuel made the most money in the state last month, bringing in $42m. DraftKings, on the other hand, had a lower hold rate and generated $35.5m.
Take a look at what the rest of an operator’s GGR is:
Resorts World Bets: $322k
Operators in New York earned $48.3m in total from their activities after taxes, but paid $50.2m in state taxes.
The NFL season is already underway and the numbers are likely to increase next month, reaching near record levels. This will be a time of increased betting by players.