News Summary
Consumer spending on online sports betting in New York fell to a 12-month low in July, with total wagers dropping to $1.4 billion. This reflects a 15.2% decline from June 2023. Despite a year-over-year gross gaming revenue increase, the month-over-month decrease highlights seasonal market challenges. FanDuel led the revenue generation among operators, while experts anticipate a recovery in betting activity as fall sports approach.
New York – Consumer spending on online sports betting in New York reached a 12-month low in July, with total wagers dropping to $1.4 billion. This reflects a 15.2% decline from the $1.65 billion spent in June 2023. The July figure marks the lowest betting handle since the previous year, when wagers amounted to $1.27 billion.
The gross gaming revenue (GGR) for July was recorded at $155.8 million, showcasing a 10.6% year-over-year increase compared to July 2022. However, this amount is 24.8% lower than the $206.5 million reported in June this year. In New York, the GGR from sports betting is calculated based on cash transactions, where future event bets are taxed as current revenue and payouts are recognized only upon redemption.
Analysts suggest that the decline in online sports betting is typical, as the market often experiences a seasonal slowdown during the summer months. During the week ending July 13, New York’s online sportsbooks saw a 9.4% year-over-year decline in betting volume, with that week generating $328.7 million in wagers, which was 7.2% less than the previous week.
Operator Performances
Among the various operators, FanDuel, which is owned by Flutter, maintained its position as the revenue leader in July. FanDuel generated $61.4 million from a total handle of $476.9 million, resulting in a market hold of 12.87%. Following FanDuel is DraftKings, which secured $52.5 million in revenue from a larger handle of $509.4 million, translating to a 10.31% hold.
Fanatics placed third, bringing in $13.9 million from a wagered amount of $137.7 million with a hold of 10.09%. BetMGM came in next, reporting $10 million in revenue from a handle of $98.1 million, achieving a hold of 10.19%. Caesars rounded out the top five sportsbooks, earning $9.7 million from $97.9 million wagered, with a hold of 9.91%.
Additionally, ESPN Bet recorded $3.9 million in revenue on a $37.1 million handle, achieving a 10.51% hold. Rush Street Interactive was the only other operator to exceed $1 million in revenue, reporting $3.4 million from a wager of $35 million, resulting in a 9.71% hold.
Market Overview
The online sports betting market in New York is currently positioned to face challenges amid a seasonal dip, and while the figures appear concerning, they mirror typical patterns seen during the off-peak months. Despite the year-over-year gains in gross gaming revenue, the significant month-over-month declines indicate a need for industry stakeholders to strategize for recovery in the busier fall and winter sports seasons.
Overall, the July figures paint a mixed picture of the online sports betting landscape in New York. Industry experts will be monitoring how spending levels respond as sports betting activity typically gathers pace as autumn approaches.
Deeper Dive: News & Info About This Topic
HERE Resources
New York’s Online Sports Betting Market Declines
NFL Preseason Kicks Off with Hall of Fame Game
New York Cracks Down on Illegal Online Sweepstakes Casinos
Decline of Small Family Businesses in NYC Amusement Industry
Additional Resources
- Gambling News: New York Sports Betting Slows in July
- Wikipedia: Sports Betting
- Legal Sports Report: New York Sports Betting
- Encyclopedia Britannica: Gambling
- News 5: New York Sports Betting July Slowdown
Author: STAFF HERE NEW YORK WRITER
NEW YORK CITY STAFF WRITER The NEW YORK CITY STAFF WRITER represents the experienced team at HERENewYorkCity.com, your go-to source for actionable local news and information in New York City, the five boroughs, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as New York Fashion Week, Macy's Thanksgiving Day Parade, and Tribeca Film Festival. Our coverage extends to key organizations like the Greater New York Chamber of Commerce and United Way of New York City, plus leading businesses in finance and media that power the local economy such as JPMorgan Chase, Goldman Sachs, and Bloomberg. As part of the broader HERE network, including HEREBuffalo.com, we provide comprehensive, credible insights into New York's dynamic landscape.
