New York Sports Betting Experiences a July Slowdown with Lowest Handle in a Year

July Marks a Decline in New York Sports Betting Activity

In July, online sports betting activity in New York fell to its lowest monthly level in a year, as reported by the New York State Gaming Commission. Bettors wagered significantly less compared to the previous month and also compared to the same period last year. Specifically, the total handle dropped to $1.27 billion, marking a 15.2% decrease from June’s $1.65 billion.

Details on Sports Betting Revenue and Handle Trends

The gross gaming revenue (GGR) generated from sports betting in New York saw a mixed performance. July’s GGR reached $155.8 million, reflecting a 10.6% gain over July of the previous year. However, this was still a sharp decline of 24.8% compared to June, which recorded $206.5 million in revenue. Overall wagering dropped to $1.4 billion in July, down from $1.65 billion in June.

Notably, New York reports sports betting revenue on a cash basis. This means that bets on future events are counted as revenue when placed, while winning payouts are deducted when redeemed. The typical seasonal lull during summer likely contributed to the reduced betting volumes. Nevertheless, the year-over-year decline in online betting volume remains considerable.

For the week ending July 13, online sportsbooks in New York saw a 9.4% decrease in betting volume compared to the same week last year, with wagers totaling $328.7 million, also representing a 7.2% drop from the previous week.

Operator Performance Breakdown in July

Among the various operators, FanDuel, owned by Flutter, once again led the market in revenue. The operator generated $61.4 million from a betting handle of $476.9 million, achieving a strong hold rate of 12.87%. This leadership aligns with FanDuel’s recent reports of strong profitability and growth across several markets during the second quarter.

DraftKings placed second in revenue despite handling a larger betting volume of $509.4 million. The company earned $52.5 million, with a hold percentage of 10.31%.

Following them was Fanatics, which posted $13.9 million in revenue from $137.7 million wagered, with a hold rate of 10.09%. BetMGM recorded $10 million in revenue on a handle of $98.1 million, holding 10.19%, while Caesars earned $9.7 million from $97.9 million wagered, reflecting a 9.91% hold.

Other notable performances included ESPN Bet, which generated $3.9 million from $37.1 million in bets, holding 10.51%. Rush Street Interactive was the only other operator to exceed $1 million in revenue, bringing in $3.4 million from a $35 million handle, with a 9.71% hold.