As June came to a close, player spending on online sports betting in New York took a notable dip, reaching its lowest point in ten months. The revenue figures for June reveal that online sports betting in the state hit its smallest monthly total since February, signaling a slowdown in activity. New York's total handle for the month was recorded at $1.47 billion, marking a 25.6% increase from the same period last year, but a substantial 25.4% decline from May's handle of $1.97 billion.
June's gross gaming revenue stood at $133.9 million, reflecting a 29.0% year-on-year increase. However, this figure was 34.1% lower compared to May's earnings, illustrating the seasonal fluctuations typically seen in the sports betting industry. Notably, revenues for the month were just slightly above the $131.4 million posted in February.
The conclusion of the NBA and NFL finals in early June, which did not feature any New York teams, contributed to the downturn in betting activity. Typically, the summer months witness a lull in sports betting across New York and the broader United States. Despite the ongoing MLB season, which does not traditionally drive significant betting activity, June remains the strongest month of the summer for sports wagers.
Leading Operators
Amidst the seasonal decline, FanDuel emerged as the leading operator in June. The company generated $67.1 million in revenue from $571.3 million in total wagers. FanDuel's contribution to state taxes for June amounted to $34.2 million, bringing its total payments to nearly $998.3 million since January 2022.
DraftKings followed, generating $40.9 million from a $521.6 million handle. Caesars recorded a handle of $127.7 million, resulting in $6.8 million in revenue. BetMGM reported similar numbers, with $6.8 million from $100.6 million wagered. Fanatics, another player in the market, reported a handle of $67.3 million and revenue of $6.7 million, with an impressive hold percentage of 9.96% for June.
Other operators also marked their presence, albeit on a smaller scale. Rush Street Interactive generated $2.5 million from $68.8 million in total wagers, while BallyBet posted revenues of $658,294. Resorts World and Wynn Interactive followed, with revenues of $572,891 and $66,665, respectively.
Seasonal Fluctuations
The June dip in sports betting activity is typically expected. Major sports leagues are in their off-seasons, presenting fewer high-stakes events to captivate bettors. While June does include notable events such as horse racing's Belmont Stakes, golf’s US Open, and the Copa América football tournament, these events do not usually generate the same level of betting as the NBA or NFL seasons.
Looking ahead to the broader trends in the sports betting market, it is evident that the activity often declines further in July, sees a slight recovery in August, and then heats up significantly in September with the onset of the NFL season. The NFL season consistently drives high engagement and wagering, signaling a robust resurgence in the sports betting market as bettors return to place their bets on football games.
As the sports community navigates the summer months, industry leaders and analysts will be closely monitoring the trends and preparing for the next surge in activity expected with the return of major league sports in the fall.