NY sports betting hits 10-month low in June

NY sports betting hits 10-month low in June

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NY sports betting hits 10-month low in June

In June, online sports betting in New York saw player spending drop to its lowest level in 10 months. Revenue also decreased, hitting its lowest monthly total since February.

In June, New York’s total sports betting handle was $1.47 billion, up 25.6% from last year but down 25.4% from May. Revenue hit $133.9 million, a 29.0% increase year-on-year but 34.1% lower than May. June is typically quieter for betting, with no local teams in major finals.

FanDuel continues to dominate as the leading operator in New York. In June, they earned $67.1 million from $571.3 million in wagers. Their tax contribution was $34.2 million, pushing their total contributions to state coffers past $1 billion since January 2022. DraftKings followed with $40.9 million from $521.6 million in bets.

Caesars and BetMGM battled closely for third place, with Caesars seeing $127.7 million in bets and $6.8 million in revenue, while BetMGM reported $6.8 million in revenue from $100.6 million in wagers. Fanatics, launching in February, handled $67.3 million, showing a strong hold with $6.7 million in revenue. Rush Street Interactive also performed well, earning $2.5 million from $68.8 million in bets. BallyBet, Resorts World, and Wynn Interactive rounded out the list with varied results.

U.S. sports betting typically slows down during the summer months, including in New York and across the country. With fewer major American sports events happening, like the NBA and NHL finals, options for betting are limited compared to other times of the year. This year, notable events such as the Belmont Stakes, the US Open in golf, and the Copa América soccer tournament in the U.S. added some variety.

While events like the Euro 2024 football tournament in Europe and the Tour de France may attract some U.S. bettors, the MLB season remains a consistent option. Historically, June sees the strongest activity of the summer months, with expectations for a decline in July and a slight recovery in August. Once the NFL season starts in September, the market typically sees a significant uptick in activity again.

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