The euphoria of July’s high holds for New York sports betting operators wore off in August.
Despite an 11% month-over-month increase in the amount wagered, the win rate fell below double digits for the second time in the last three months in the Empire State.
The New York Gaming Commission reported the eight online sportsbooks generated a $1.4 billion handle in August, up 27.3% year-over-year. July ended a run of 10 consecutive months of handles of more than $1.4 billion, so August righted the ship
Sports betting produced $125 million in revenue in the final month of summer, in part due to a sluggish period in late August. An improved run by bettors led to an 11% revenue drop from July as the state still filled its coffers with $63.8 million from the 51% tax rate.
Yearly improvements
The end of the Olympics, a heating-up MLB race, the NFL preseason, and a solid start to college football led to a 27% year-over-year increase in handle. New York operators generated the fifth-lowest amount wagered in August 2023.
That month’s $98 million revenue marked the lowest in all of 2023, but the same month in 2024 represented a 27% year-over-year rise in gross revenue and tax haul for the Empire State.
DraftKings bests FanDuel
| Operator | August Handle | Revenue |
|---|---|---|
| DraftKings | $526.6 million | $43.3 million |
| FanDuel | $511.6 million | $52.6 million |
| BetMGM | $127.9 million | $7 million |
| Caesars | $119.1 million | $9.4 million |
| Fanatics | $93.1 million | $8.5 million |
| BetRivers | $40.7 million | $3.2 million |
DraftKings pulled ahead of FanDuel in the race for the top handle for the first time since May by producing $526.6 million in wagers during August. FanDuel, which generated $511.6 million in August, used a 10.2% hold to lead New York sports betting operators in revenue with $52.6 million.
BetMGM produced the third-best handle in the Empire State at $127.9 million, ahead of Caesars’ $119.1 million handle. However, BetMGM’s 5.5% hold led to $7 million in revenue while Caesars easily outpaced that mark with $9.4 million in profits.
Fanatics Sportsbook enjoyed its best month since taking over the PointsBet platform in February. The online operator’s $93.1 million handle and $8.5 million in revenue were better than any month produced by PointsBet, which sold its U.S. operations to Fanatics last summer.
BetRivers generated $5 million more in wagers during the month, but revenue fell from $3.5 million in July to $3.2 million in August.
Resorts World Bet’s $8.6 million handle in August was its highest since going over $10 million in December, while Bally Bet’s monthly handle rose 18.7% from July.
And then there were eight
August marked the first month without WynnBet, the formerly ninth online operator that recently pulled out of the market.
WynnBet sold its New York operating license earlier this year to PENN Entertainment, which said during its quarterly conference call that ESPN BET would launch in the Empire State in time for college football season, pending regulatory approval.
However, late August came and went, as did the first week of NFL, and the PENN-owned mobile platform has yet to begin taking wagers in New York.
