Cooling Off: 23% Weekly Revenue Drop in New York’s Sports Betting in June

Sports betting appears to be cooling off some in the Empire State. In the week ending June 30, the New York Gaming Commission reported that the state's nine online sportsbooks combined to generate $29.2 million in profits, the first under-$30 million figure since the first week of May. 

The $322.6 million handle was down 3% from the previous week, while the 9% hold fell nearly 2.5 points. The final seven days of June marked the sixth consecutive week of handles below $400 million and the second single-digit win rate in three weeks. 

Lighter summer action is typically expected with the NBA and NHL playoffs over and the NFL and college football not set to return until August. MLB, along with golf, soccer, mixed martial arts, and tennis events, are left to draw wagers. 

Still, New York sports betting is considerably ahead of last year’s figures. The final period in June produced a handle of $267.6 million and revenue of $16.3 million in 2023. 

Cream of the crop

FanDuel’s weekly handle of $126.9 million was its lowest since late Aug. 2023, but a double-digit hold produced $12.8 million of revenue to lead New York in both categories. 

DraftKings wasn’t too far behind with revenue of $9.7 million on a handle of $113.5 million. However, it was also the online sportsbook’s fewest dollars wagered since Aug. 2023. 

Caesars finished third in handle at $27.9 million while BetMGM was fourth at $22.9 million. Both operators were just shy of $2 million each in weekly revenue. 

The other guys

All of the other five online sportsbooks ended the week with positive profits. Fanatics Sportsbook posted the state’s second-highest hold at 11.1%, earning $1.8 million of revenue on a $16.5 million handle. 

Bally Bet enjoyed the best win rate for any New York operator for the week. The 13.4% hold produced over $215,000 profit on a handle totaling more than $1.6 million. It’s the best week Bally Bet has had since mid-May.

BetRivers and WynnBet both had underwhelming weeks with holds below 6%, while Resorts World Bet reached 8.5% and scored its highest week of profits in three weeks with revenue of $157,435.