New York’s Sports Betting Revenues for June Hit $1B Despite Dip, DraftKings Takes Top Spot

Article ByDavid Weir

July 11, 2023

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Posted in: New York Gambling News, New York Daily Fantasy Sports, US Sports Betting News

In a shift of power in New York’s sports betting market, DraftKings outperformed its rival FanDuel to top the handle charts in June, according to the latest data from the New York State Gaming Commission. That’s the first time it has done so in the state.

Bettors from the largest sports betting market in the US wagered $1.166 billion across the month. That’s up 42% year-on-year.

However, because of the seasonal nature of sports betting, it is also down 31% on May’s handle.

Sportsbooks held on to $103 million in revenues, from which New York State collected $52.95 million in tax.

On the operator side, DraftKings overtook FanDuel at the top of the list. It posted $488.5 million in bets, accounting for 42% of all mobile sports betting in the state. That’s an 81% increase in market share for the sportsbook, compared to June 2022, when it handled $270 million.

FanDuel’s Market Share Drops

FanDuel’s overall handle for the month was $418.1 million, capturing 36% of the market. That represents a 12% decrease in handle year-on-year, from $472.8 million in June 2022.

Caesars Sportsbook was the only other betting app in New York to secure a double-digit market share, handling $124.8 million and capturing 11% of the market.

At the bottom of the pack, Bally Bet was once again the least popular online sportsbook in New York through June. It brought in $898,761 in handle and held on to just $68,438 of that, accounting for a 7.6% hold.

The data actually shows Bally Bet owed more tax than it had in net revenues at the end of the month, suggesting it wasn’t profitable.

June is typically a slower month for sports betting due to a reduced sports calendar, as most major sports are in the off-season.

Then there was also a series of upsets in the NHL Playoffs at the close of the season, which lost sportsbook across the country not insignificant amounts.

Despite those challenges, New York online sportsbooks still managed to generate more than $100 million in revenue for the month. That marks the 11th consecutive month with revenue surpassing the $100 million mark.

Since August 2022, operators have combined for more than $1.5 billion in revenue.

Passing Milestones

New York’s lifetime sports betting handle surpassed $25 billion in June, making it the fastest market to reach this milestone in just 18 months.

Only New Jersey and Nevada have also exceeded $25 billion in lifetime handle, with $38.2 billion and $33 billion, respectively.

During the second quarter of the year (April through June), the sports betting handle in New York exceeded $4 billion. That’s a 10% increase over the same period last year, when the handle was $3.7 billion.

June also saw the state pass $400 million in taxes for the year. It was actually the lowest tax bill since August 2022.

New York State is also looking at increased tax revenues when it finally hands out the three new casino licenses that a string of local and international casino operators and investment partners have been competing over for the past year.