New York’s August Sports Betting Revenues Down, But Overall Handle Up
New York’s sports betting operators witnessed a seesaw in August 2023, according to the latest figures from the New York State Gaming Commission. While the betting handle showcased a significant rebound, the revenue figures were on a decline, painting a mixed picture of the month for the biggest U.S. sports betting market.
The state’s sports bettors wagered $1.11 billion in August, marking a 15% increase from July’s $962.1 million, but down 1.1% year-on-year.
However, the revenue side of the equation was better news for bettors. Operators held on to $98.5 million in revenue for August, a 6% decline from July’s $105.1 million.
This was the first instance since August 2022 where the monthly revenue didn’t touch the $100 million mark. As a result, with the state’s 51% tax rate on revenue, New York state coffers collected $50.2 million in August.
DraftKings and FanDuel Continue Their Tug of War
The rivalry between DraftKings and FanDuel, the two biggest U.S. sportsbooks by some distance, continued in New York in August.
DraftKings, which had previously overtaken FanDuel in June for the first time, reclaimed its top spot in terms of online handle. The operator accepted bets worth $446.9 million, accounting for 40% of the online bets for the month. On the other hand, FanDuel, which led the market in July, reported an online handle of $409.1 million, capturing 37% of the state’s total bets.
Interestingly, despite FanDuel accepting fewer bets than DraftKings, it managed to generate more revenue. FanDuel’s revenue stood at $41.9 million, while DraftKings reported $35.4 million. In July, both platforms had almost identical revenue figures, with both hovering around the $41.08 million mark.
Other Key Players in the Mix
Beyond the two market leaders, Caesars Sportsbook was the only other betting app in New York to handle more than $100 million in August. Bettors staked $120 million through the Caesars Entertainment- owned sportsbook, which translated to a revenue of $9.5 million for the month.
Bottom of the pack was Bally Bet, which was closed for the entire month of August as it upgraded its mobile betting app via the services of platform provider Kambi. Its reported revenue was zero for the second month in a row.
It did relaunch in Ohio on the very last day of the month, and has promised to relaunch soon in its previous markets, including New York.
Resorts World Bet, only available in New York, was the least popular available sportsbook for the state’s bettors over the month. It pulled in $4.28 million in handle and held on to $322 thousand of that as revenue.
Operators in Transition
Alongside Resorts World Bet, sportsbooks with less than $1 million in revenues for the month were PointsBet and WynnBET. Both operators were going through significant changes in August, and will be hoping to see that improve in the next release.
PointsBet is soon-to-rebrand as Fanatics Sportsbook after the $225 million purchase of the Australian operator’s U.S. division finally started to pass regulators. New York was not on the latest list for Fanatics’ immediate expansion, but is among states the operators said will changeover sometime before mid-2024.
August for WynnBET, the online betting arm of Las Vegas-based Wynn Resorts, saw its brand-new upgraded app launch, and then promptly close up shop in eight of the 12 states it operated in. Its New York sportsbook operation is currently under internal review, with its future unclear.