New York Online Sports Betting Sees Dip in June

June marks a notable dip in player spending on online sports betting in New York, reaching the lowest total in ten months. The month’s figures illustrate a broader trend in the seasonal fluctuations of sports betting activity.

Amid the decline, New York’s total handle for June was recorded at $1.47 billion, a substantial 25.4% down from May's handle of $1.97 billion. Despite this drop, the figure represents a 25.6% increase year-over-year from June last year, pointing to an overall upward trend in the market despite monthly variations.

Revenue Insights

Gross gaming revenue for June stood at $133.9 million, reflecting a 34.1% decrease from May's figures, but a remarkable 29.0% rise compared to the same month in the previous year. This dual trend of declining monthly and rising yearly figures showcases the complex dynamics of the sports betting landscape.

The end of the NBA and NFL finals in the first few weeks of June likely contributed to the decrease, especially given neither finals featured New York teams. These events, both high-stakes and widely followed, often drive significant betting engagement, and their absence can lead to reduced activity.

Operator Performance

Leading the group's performance was FanDuel, which posted $67.1 million in revenue from $571.3 million in total wagers for June. The company also contributed $34.2 million in taxes, boasting nearly $998.3 million paid into state coffers since January 2022. Following FanDuel, DraftKings generated $40.9 million from a $521.6 million handle, maintaining its strong position in the market.

Other notable operators include Caesars, with customers staking $127.7 million resulting in $6.8 million in revenue, and BetMGM, which reported $6.8 million in revenue from $100.6 million wagered. Meanwhile, Fanatics reported a handle of $67.3 million and revenue of $6.7 million, with an impressive hold percentage of 9.96%.

Rush Street Interactive, BallyBet, and Resorts World contributed more modestly to the market performance. Rush Street generated $2.5 million from $68.8 million in total wagers, BallyBet posted revenues of $658,294, and Resorts World recorded revenues of $572,891. Wynn Interactive also played a smaller role, generating $66,665 off $1.5 million wagered.

Seasonal Trends

June's dip is aligned with historical trends, as summer months traditionally see lower sports betting activity across New York and the United States. The MLB season, running through the summer, does not typically drive significant betting activity compared to other major sports leagues. Though traditionally quieter, June also includes key events such as the Belmont Stakes, golf’s US Open, and the Copa América football tournament, which offered some engagement but couldn't entirely offset the seasonal downturn.

June is typically the strongest of the summer months for sports betting, but the number of bets often declines further in July, with a slight recovery in August. A notable resurgence typically occurs in September with the onset of the NFL season. The NFL season consistently drives high engagement and wagering, setting the stage for a robust market performance in the later third of the year.

Overall, the fluctuations in New York's online sports betting market underscore the impact of seasonal sports schedules and major events on betting activity. The market’s performance in June may seem subdued compared to the highs of earlier months, but the continued year-over-year growth signals a resilient and growing industry. As major sports leagues cycle through their off-seasons and high-stakes events return, a rebound in betting activity is widely anticipated.