Mostly Good News for New York Sports Betting Numbers in July

The New York Gaming Commission July Revenue Report is out, and all signs point to a seriously maturing market. The best sports betting sites operating in New York were able to generate well over a $1 billion monthly handle again, and revenues climbed both month-over-month and year-over-year.

July was a pretty slow sports betting month, with one whole week in which there was just one baseball game to wager on - the MLB All-Star Game. That the New York sports betting scene maintained its streak of over a billion monthly handles is truly impressive.

All New York sports betting apps and the state’s retail providers made it onto the black in July, with FanDuel coming out on top of DraftKings in a battle for the top sportsbook. Some new competition in the form of ESPN BET replacing WynnBET should inject even more life into the New York scene.

$1.26 billion July handle

New York sports sites proved that a serious summer sports betting slowdown isn’t affecting them as drastically as expected. In July, $1.26 billion was wagered on a slim sports menu in New York, a 14.5% month-over-month drop from nearly $1.48 billion in June, but still a healthy number.

However, it is a nice 31.1% year-over-year increase from $966.55 million last July — the only time the state’s monthly handle slipped below $1 billion in the last 18 months. Residents continue to take advantage of New York sportsbook promos.

Good news on revenues

New York sports betting providers reported $140.4 million in revenues in July, thanks partly to a sportsbook-friendly 11.3% hold.

That number represents a 4.8% month-over-month increase from June despite a $220 million dip in wagers. Year-over-year, revenues for New York sports betting providers climbed 33.5% in July.

Thanks to the positive revenue numbers from New York’s July sports betting revenue report, $71.6 million in tax revenue was collected for needy state and local coffers.

FanDuel and DraftKings duke it out

In July, FanDuel and DraftKings were in a close race to be the most popular New York sports betting app.

FanDuel led the way in both handle and revenues. It accepted $482.5 million in wagers in July and reported $49.3 million in revenues. DraftKings was close behind with a $456.8 million July handle and $48 million in revenues during the month. 

Caesars finished a distant third with $108.6 million in wagers last month and $10.8 million in revenue. BetMGM and Fanatics rounded out the top five. BetMGM reported an $89.2 million July handle and $8.8 million in profits, while Fanatics, which saw a 13.2% month-over-month increase in overall betting activity, accepted $76.1 million in wagers and generated $8.9 million in profits.

BetRivers trailed with $35.4 million in wagers in July.

The leaderboard may look slightly different in New York in the coming months. WynnBET, which had basically given up and took in less than $1 million in wagers in July, took its last wager during the month. ESPN BET is set to take over WynnBET’s spot and should provide a spark for the market in the Empire State.