New York became the first state to have its sportsbooks sur $4 billion in revenue in the post-PASPA era Monday after the New York State Gaming Commission reported $134.2 million in operator winnings for June.
The Empire State beat neighboring New Jersey to the benchmark despite trailing by $4.84 billion in handle. New York sportsbooks, which have accepted $46.87 billion worth of wagers, have an all-time hold of 8.8% while their Garden State counterparts have a 7.5% win rate.
June’s revenue total was up down 34.2% from May, while handle slacked by 25.3%.
New York also crossed $1 billion in sports betting revenue for the calendar year, and the 51% tax rate on mobile operators helped push that total over $500 million for 2024 to $517.1 million.
When then-Gov. Andrew Cuomo made his push to legalize mobile sports betting in the state, he projected $500 million in tax revenue for a fiscal year. Current Gov. Kathy Hochul projected $860 million in receipts from digital wagering for Fiscal Year 2025, and the state has collected $265.7 million in the first three months.
FanDuel Restores Some Separation from DraftKings 563db
2024 YTD #SportsBetting handle by state (thru June in CAPS)
1 NEW YORK $11.03B
2 New Jersey $6.01B
3 Illinois $4.72B
4 Ohio $3.58B
5 Penn. $3.56B
6 Nevada $3.36B
7 Mass. $3.04B
8 Virginia $2.9B
9 Ariz. $2.76B
10 Colorado $2.68B#SportsBettingX #GamblingX— Chris Altruda (@AlTruda73) July 8, 2024
After feeling 51.6% share in January.
FanDuel did fall just shy of $1 billion in tax payments to the state with June’s official numbers as the $34.2 million remitted put its total bill at just over $998 million since mobile sports betting launched in January 2022. While the weekly totals amount to more than $1 billion, monthly totals are based on when operators make their payments to the state.
DraftKings, which crested 40% for both revenue and handle market share in May, receded some in June. Its 7.8% percent hold was 2.5 points lower than May as it collected $40.9 million in revenue from $521.6 million worth of bets placed. DraftKings’ 30.5% share of the mobile revenue was its lowest since claiming 26.6% in January 2023.
Fanatics Sportsbook for the No. 4 revenue spot as the pair were separated by $156,300. Fanatics landed a 9.9% win rate for June in winning $6.7 million of the $67.3 million wagered through its sports betting app, while BetMGM edged over $6.8 million thanks to a 6.8% hold against $100.6 million in handle.
Fanatics also nearly pipped BetRivers for fifth in handle, coming within $1.6 million. BetRivers had its second-highest market share of handle at 4.7% with its $68.8 million worth of accepted bets, but it failed to capitalize on the increased action — its 3.7% hold was the lowest of the nine mobile books as it claimed just over $2.5 million in winnings.
Checking Out The Bottom Three 5d5q5q
Bally Bet was able to slot seventh for revenue with $658,300 on the strength of a 9.6% hold against $6.9 million in handle, while Resorts World had a 7.8% win rate to reap $572,900 from $7.4 million wagered.
WynnBET managed to edge over $1 million in year-to-date winnings after collecting $66,700 in June. It had a 4.4% hold against $1.5 million.
WynnBET, which ESPN BET, has a total handle of $25.4 million in 2024 — $886,700 more than FanDuel’s daily average of $24.5 million.
The state’s four commercial retail sportsbooks combined for $238,700 in winnings while fashioning a 5% hold against $4.8 million in handle. Bettors came out with a small win against Resorts World, coming out $2,370 ahead from $478,475 wagered.
Retail revenue has plummeted 30% compared to the first six months of 2023, with the 5% year-to-date hold 1.7 percentage points lower. The $37.3 million in handle is down 6.1%.
