New York Sports Betting: August Sees Growth in Handle, but Revenue Declines
According to the New York State Gaming Commission, the handle for August 2024 reached $1.44 billion, reflecting a month-on-month increase of $174 million, or 13.8%, compared to July. This growth is even more significant when viewed year-on-year, with a 29% rise from August 2023’s $1.1 billion.
Despite the progress, this is still the second-lowest monthly handle of the year for New York. However, the state remains a dominant force in the sports betting industry, having surpassed $8 billion in handle for the fiscal year, which began in April 2024.
Revenue Declines Despite Handle Increase
While the handle saw growth, gross gaming revenue (GGR) did not follow the same trend. In August 2024, GGR for mobile sports betting came in at just under $125 million, marking the lowest revenue total for the fiscal year.
This marks the second consecutive year in which August has recorded the lowest monthly revenue figures, but there is optimism for a rebound, as September last year brought a significant boost in GGR.
Despite this monthly decline, the August 2024 revenue figures still represent a 26.9% increase compared to the same period in 2023, signaling long-term growth potential for the state’s sports betting market.
Sportsbook Competition Remains Fierce
As expected, the competition among major sportsbooks in New York remains intense, with DraftKings and FanDuel continuing to dominate the market. In terms of handle, DraftKings edged out FanDuel, recording $526.7 million compared to FanDuel’s $511.6 million. However, FanDuel claimed the revenue crown with $52.6 million, surpassing DraftKings’ $43.3 million.
BetMGM and Caesars were the only other operators to break the $100 million handle mark in August. BetMGM reported a handle of $127.9 million with $7 million in GGR, while Caesars followed closely with a handle of $119.9 million and $9.4 million in revenue.
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