New York Sports Betting Sees Significant Drop in Player Activity
In July 2024, online sports betting expenditures in New York hit a 12-month low, signaling a notable decrease in consumer engagement within the Empire State. Despite experiencing a decline in betting amounts, the state managed to mark year-over-year increases in both handle and revenue.
According to the New York State Gaming Commission, total wagers reached approximately $1.4 billion for the month. This figure represents the lowest amount since players bet $1.27 billion in July of the previous year. Additionally, it was a striking 15.2% decline from the $1.65 billion wagered in June of this year.
On the revenue side, gross gaming income for July stood at $155.8 million, showing a 10.6% rise compared to the previous July; however, it was 24.8% lower than the revenue collected in June 2024. The overall hold for the month was recorded at 11.1%.
Market Leaders: FanDuel Maintains Dominance Amidst Competition
When analyzing the various operators in the New York market, FanDuel, owned by Flutter, continued to dominate in revenue with $61.4 million earned from a handle of $476.9 million, resulting in a solid hold of 12.87%. Meanwhile, DraftKings, although trailing in revenue, recorded a larger betting handle, amassing $52.5 million from $509.4 million wagered and achieving a hold of 10.31%.
Fanatics emerged as a formidable contender, generating $13.9 million from a $137.7 million handle for a hold of 10.09%, followed closely by BetMGM, which reported $10 million from $98.1 million and a 10.19% hold. Caesars rounded out the top five with $9.7 million from $97.9 million, resulting in a hold of 9.91%.
Other operators displayed varied results, with ESPN Bet earning $3.9 million from a $37.1 million handle, equating to a hold of 10.51%. Rush Street Interactive was the only other operator surpassing the million-dollar mark, reporting $3.4 million from $35 million wagered for a 9.71% hold.
Bally Bet and Resorts World followed, with Bally Bet generating $865,910 on a $9.2 million handle, resulting in a 9.4% hold, while Resorts World reported a meager $229,357 from $2.8 million, leading to a hold of just 8.33%.
As trends fluctuate, the New York sports betting landscape illustrates the challenges and competition that operators face, particularly as player spending remains volatile.