The New York State Gaming Commission reported overall sports betting revenue totaling nearly $73.9 million for July, a small month-over-month increase despite a sharp decline in handle.
Operators posted a 2% improvement from June’s $72.4 million, with mobile operators getting some help from the Empire State’s four retail books. The quartet, which had all but $20,536 of its June revenue wiped out with del Lago Resort’s $181,929 loss, posted a combined win rate of 13.3% on more than $4.2 million wagered, resulting in nearly $560,000 in revenue.
The 23.8% drop in total handle to just shy of $805 million — the lowest of any month since New York launched mobile wagering in January — comes with the lack of inventory in the sports schedule, with Major League Baseball the primary action for bettors. Operators should get back to or slightly exceed $1 billion in August with the return of NFL action and international soccer as wagering options.
July’s overall hold of 9.2% was the highest since New York launched mobile betting, topping the previous high of 8.7% established in May. New York collected more than $37.4 million in taxes on the month, becoming the first state in the post-PASPA era to surpass $350 million in tax receipts.
FanDuel pounds public again on the mobile side
July #SportsBetting numbers for #NewYork via @NYSGamingComm, a 🧵. Mobile revenue by marketshare:@FDSportsbook 53.18%@BallyBet 0.05%@BetMGM 8.56%@DKSportsbook 21.53%@CaesarsSports 11.8%@WynnBET 0.59%@PointsBetUSA 2.35%@resortsworldbet 0.36%@BetRivers 1.59%
— Chris Altruda (@AlTruda73) August 9, 2022
Though the New York State Gaming Commission issues weekly mobile wagering reports, the monthly ones put the numbers in clearer perspective. To this end, FanDuel continues to lord over the other eight mobile operators in the state, as its $347.7 million in July handle accounted for 43.4% of all online action.
FanDuel kept a sizable portion of that handle thanks to an 11.2% hold that resulted in just shy of $39 million in revenue, accounting for more than half of the overall mobile haul. It was the third time in four months that FanDuel had a win rate of 10% or higher, and helped create just a 1.4% dip in revenue from June despite a 26.5% drop in handle.
DraftKings saw its market share for handle improve for the third straight month to an all-time high of 26.7% after accepting nearly $213.5 million in bets, lifting the sportsbook’s overall total above $2.3 billion. Its more pedestrian 7.4% hold allowed DraftKings to claim close to $15.8 million in revenue — 3.9% lower compared to June.
Caesars Sportsbook had a hold increase of more than three full percentage points compared to June, contributing to a 37.6% month-over-month rise in revenue to close to $8.7 million. That jump came despite a 24.4% backslide in handle to $118.2 million.
PointsBet also had a month-over-month increase in revenue, though the Aussie-based book’s rise was a more modest 1.1% to more than $1.7 million. Its 10.5% win rate was an all-time monthly high and marked PointsBet’s third consecutive month with a hold of 8.2% or better.
BetMGM had a slight decline in revenue to just under $6.3 million, though its 8.6% win rate was nearly two percentage points higher than June and helped offset a 20.8% decline in handle to $73.2 million. Bally Bet, which launched operations July 8, entered the state ledgers with $640,397 in handle and $40,080 in revenue for a 6.3% hold.
Rivers continues to shine in limited retail action
July #SportsBetting numbers for #NewYork via @NYSGamingComm, a 🧵. Mobile/Retail Han/Rev/WR
— Chris Altruda (@AlTruda73) August 9, 2022
Retail handle in New York in 2022 is down more than 50% compared to this time last year, with the four commercial books accepting $51.2 million in bets. Furthermore, operators have been taking a pounding compared to 2021, as revenue is down 86.5% to just $1.7 million. Losses in January and February have contributed to a paltry 3.3% win rate that is nine percentage points lower compared to the first seven months of last year.
Rivers, which has accounted for nearly half the overall retail handle this year at $24.7 million, claimed more than $320,000 in revenue thanks to a season-best 14.1% win rate on close to $2.3 million wagered. Del Lago and Tioga Downs both had holds above 15%, as they combined for more than $218,000 in revenue. And Resorts World finally entered the black for the first time this year, with its $20,350 in July revenue lifting the overall total to $12,670 from more than $8 million handle for a 0.2% hold.