The mobile sportsbooks.
The overall win rate was also 11.1%, which is the fourth-highest in 31 months with mobile wagering available in the Empire State. The $1.27 billion in total handle was up 31% compared to July 2023, which was the only time in the last 23 months New York bettors failed to wager at least $1 billion in a month.
Revenue was up 33.5% compared to 12 months prior as it was the third time in as many years with mobile betting the hold in July was at least 9.1%. New York’s four commercial retail sportsbooks also had a banner month, combining for a 13.3% hold in reaping $527,600 from nearly $4 million wagered. Despite handle declining 14.3% compared to June, the high hold meant revenue ticked 5% higher.
The state’s $71.6 million in total tax revenue lifted the all-time national amount in the post-PASPA era to over $6 billion. New York has ed for more than 35% of that total with $2.15 billion in receipts, with all but $6.4 million derived from mobile sportsbooks paying a 51% rate on their winnings.
The $588.8 million in taxes collected in the first seven months of 2024 is $113.1 million ahead of last year’s pace.
Fanatics in Focus 1o6he
In the four full months Fanatics Sportsbook has been taking wagers since replacing PointsBet as the official licensee, it has posted a 9.7% hold or better three times. July was its best month to date in of revenue, setting an all-time high for either licensee with $8.9 million thanks to an 11.7% win rate from $76.1 million in handle.
Though the handle was not an all-time monthly high for either licensee — PointsBet generated $82.9 million in February — it was the first time either mobile sportsbook attained at least a 6% market share of wagers placed in New York. Fanatics has a 9.8% hold over the last four months, collecting $28.2 million in revenue.
FanDuel took the top spots for both revenue and handle with $59.3 million in winnings from $482.5 million worth of wagers placed. It was the second time FanDuel finished with a hold above 12% this year as the 12.3% win rate in July was three-tenths below January’s year-best of 12.6%. FanDuel sured $550 million in year-to-date revenue, which is more than two-thirds of its full-year 2023 total of $815.1 million.
DraftKings followed suit with a double-digit hold of its own at 10.5%, which allowed it to claim close to $48 million in revenue from $456.8 million in handle. It was the third time DraftKings had a hold of 10% or higher this year after doing so only four times in 2022 and 2023 combined. July’s winnings were also enough to push DraftKings over $400 million in revenue for 2024.
Caesars narrowly missed a 10% hold as well, settling at 9.98% to claim $10.8 million in revenue off $108.6 million worth of bets placed. It was the highest hold for Caesars since it fashioned an 11.4% win rate in September 2022 and just its second over 9% in the last 22 months.
BetMGM also came up just short at 9.9% in collecting $8.8 million from the betting public of the $89.2 million worth of bets it accepted. It eclipsed a 7% market share for handle for the second time in 2024, just short of February’s year-topping 7.3% mark.
A Farewell to WynnBET p5p2p
The New York State Gaming Commission noted in its weekly reports that WynnBET stopped taking wagers July 29, though bettors with active s in the Empire State have until Aug. 29 to close them. WynnBET never attained a 1% market share for handle in any month during its run in New York and had just $936,900 handle for July.
It totaled $51,200 in revenue and posted a 5.5% hold in its swan song. Overall, WynnBET had a total handle of $234.1 million, a figure FanDuel eclipsed three times with its weekly handle and one DraftKings nearly matched in May with its all-time high of $231.5 million. WynnBET’s $1.1 million in revenue for the 2024 calendar year gave it $11.4 million all-time along with a 4.9% win rate.
WynnBET’s departure clears the deck for PENN Entertainment to bring which bought the licenses required to offer mobile betting from WynnBET for $25 million in February, is hoping to gain approval from the NYSGC prior to the start of college football season to launch ESPN BET later this month.
Rounding Out The Mobile Scorecard 27344b
BetRivers may have had the most interesting July of the nine mobile books. Despite handle being nearly cleaved in half from June to $35.4 million, its revenue jumped $957,500 to nearly $3.5 million as its hold spiked more than six percentage points to 9.8%.
Resorts World had the lowest mobile hold of the month at a still-respectable 7.5% in winning $459,100 from $6.1 million worth of wagers, while Bally Bet landed at 7.7% in collecting $493,800 in revenue from $6.4 million in handle.
The 20.8% increase in year-to-date handle to $12.3 billion compared to 2023 has New York sportsbooks on pace to eclipse $20 billion in handle for the calendar year with the expected rise that comes in wagering with the NFL season. Revenue is up 25.5% through the first seven months at $1.16 billion as the 9.4% hold is more than one-third of a percentage point higher.
