New York online sports betting experienced a decline in consumer spending in June, with bettors wagering a combined $1.17 billion. Although June’s handle was 10.5% higher than the same month the previous year, it was a 14.7% monthly decrease from the $1.36 billion spent in May and marked the lowest total since August 2022.
Gross gaming revenue (GGR) from sports betting in June reached $103.8 million, showing a significant increase of 43.4% compared to the previous year. However, it represented a 31.7% decline from the $152 million generated in May.
FanDuel remained the top revenue performer, reporting $47.2 million in GGR from $418.2 million in wagers. DraftKings followed closely with $37.1 million in revenue and a higher handle of $488.5 million.
The data shows the rivalry between FanDuel and DraftKings continues in New York, with DraftKings surpassing FanDuel in monthly handle for the first time since January 2022. However, FanDuel still outperformed DraftKings in terms of revenue.
The top five is completed by Caesars with $8.6 million in revenue and a handle of $124.8 million, BetMGM with $7.0 million in revenue from $75.4 million in bets, and Rush Street Interactive with $2.1 million in revenue from a $32.0 million handle.
While June’s figures indicate a slowdown in the market, legal online sports betting in New York has been on a positive trajectory. In 2022, its first year of activity, the industry broke all records, quickly becoming the largest market in the nation.
Year-to-date, the state has already seen over $9.1 billion legally wagered with online sportsbooks, marking a 6.67% increase compared to the same period last year.
New York’s achievement of surpassing $25 billion in lifetime handle in less than 18 months solidifies its position as the largest player in the US sports betting industry. New Jersey and Nevada are the only other states to have achieved this milestone but, in comparison, it took them several years to reach that level.
Despite the decline in June, the overall trend indicates a growing sports betting market in New York, with 10 consecutive months of handles surpassing $1 billion and revenues exceeding $100 million.
Original article: https://www.yogonet.com/international/news/2023/07/11/67850-new-york-sports-betting-handle-slow-downs-in-june-but-yeartodate-still-ahead-of-2022-39s-record-mark
