NY Online Sports Betting Handle Increases in June
The NY online sports betting June handle picked up momentum by reporting a 7% increase to $256.6 million in the week ending June 19.
It comes a week after the Empire State reported $248.2 million for the week ending June 12 – the all-time weekly low mobile wagering handle since NY mobile sports betting launched this January.
According to the weekly report released Friday by the New York State Gaming Commission, the eight mobile NY sportsbooks saw $13.9 million in sportsbook revenue for the same period.
FanDuel took its NY mobile leadership to unprecedented heights by grabbing 47% of market share and 89% of revenue share between June 13-19.
Last week was also the sixth straight week that NY mobile sports betting reported below $300 million in a row. With the summer slump at its peak, NY mobile sports betting – the newly crowned US sports betting leader – may report a similar decline in handles.
However, things will likely return to normalcy as soon as the football season returns for the bettors to place wagers on their favorite sport from September.
FanDuel Strengthens Reign Over NY Mobile Market
NY online sports betting June handle reaffirmed FanDuel’s continued rule over the new market. FanDuel reported $124.9 million of the $265.9 million in the overall online handle for the week ending June 19. According to the official report, the New York-based operator also contributed $12.4 million of the nation’s largest online sports betting market’s $13.9 million in total gross gaming revenue.
Since the Empire State launched its mobile market, FanDuel has reported $3.2 billion in handle (39.4%) and $262.2 million in overall revenue (45.5%).
On Jan.8, 2022, New York kicked off mobile sports betting with four operators – FanDuel, DraftKings, Caesars, and Rush Street Interactive two months after the state regulator allowed nine operators to offer sports betting in the state.
The Empire State is now the largest state to legalize sports betting, and it has dethroned New Jersey as the nation’s sports betting leader.
How Did the Other NY Mobile Operators Perform?
DraftKings was the only other to report over $1 million in revenue for the week. The Boston-based operator posted a 7.8% ($1.1 million) market share from $65.6 million in handle from June 13-19.
Overall, DraftKings accounts for a 24.5% handle share and a 23% revenue share since launch.
Caesars reported its first negative revenue week (-$962,000), and took in $38.2 million in wagering.
BetMGM reported $21.6 million in handle, and $351,661 in revenue.
BetRivers ($6.1 million), PointsBet ($5.7 million), Resorts World Bet ($1.8 million), and WynnBET ($1.5 million) were the other NY operators struggling to stay afloat in the highly competitive market.
The state law that imposes a 51% tax rate on mobile operators makes the NY mobile market not-so-ideal for operators looking for profit.
For comparison, the New Jersey sports betting market levies 13% on its mobile operators.
That probably explains why New York’s ninth operator – Bally Bet – has not launched in the state.
Bally’s Could Miss Another Launch Date
Last week, an industry source claimed Bally Bet Sportsbook would launch sometime next week. According to the Rhode Island-based gambling company’s latest earnings call, it planned to launch in the NY market before July 1.
In February, Bally’s CEO Lee Fenton said the Bally Bet 2.0 would launch in the Empire State during the first half of this year after the company’s Chairman Soo Kim said he anticipated an April launch.
The deadline to hit that second target is later this week, and the Bally Bet website has yet to offer a specific date.
A spokesperson for Bally’s did not respond to questions about a specific launch date.
Bally’s has repeatedly said it wanted to get its updated 2.0 app technology up and running in Arizona before any other state.
Meanwhile, NY mobile operators have combined for the $8.2 billion in handle, $576.8 million in GGR, and $294.2 million in tax revenue since launch.