In the post-PASPA era, New York sportsbooks have exceeded $4 billion in total revenue

Last month, the New York Gaming Commission reported $134.2 million in operator winnings for June. That put them over $4 billion in revenue in the post-PASPA era. They’re the first state to do that. New York was able to beat New Jersey to that accomplishment despite trailing by $4.84 billion in the handle. Sportsbooks in the Empire State have an all-time hold of 8.8% and have accepted $46.87 billion worth of wagers. New York’s revenue total in June was up 29.1% compared to 2023. Additionally, their $1.48 billion handle is up 26.2%. The Empire State can have such a profitable sports betting system due to the 51% tax rate on mobile operators. In the last calendar year, New York is over $1 billion in sports betting revenue.

What sportsbooks were the most profitable in New York?

During May, DraftKings gave FanDuel some serious competition in the sports betting market. However, FanDuel made a massive jump in June. They accounted for more than half of the state’s $133.9 million in mobile revenue. FanDuel claimed $67.1 million from an 11.7% hold and a $571.2 million handle. It was the first time since January that FanDuel accounted for over 50% of New York’s mobile sports betting winnings since January. 

While DraftKings had a 40% revenue and market share in May, they took a step back in June. Their 7.8% hold last month was two and a half points lower than May. In June, DraftKings had a 30.5% share of mobile revenue. It’s the lowest since a 26.6% hold in January 2023. Caesar’s sportsbook had a 6.7% hold in June on $8.6 million in winnings and a $127.7 million handle. In each of the last three months, Caesars has failed to reach a 9% market share.

What sportsbooks were the least profitable in New York?

Bally Bet had $658,300 in revenue with a 9.6% hold on a $6.9 million handle. Resorts World had a 7,8% hold on $7.4 million in wagers. Additionally, WynnBET just surpassed $1 million in year-to-date winnings. They collected $66,700 in June with a 4.4% hold. WynnBET also agreed to sell its New York mobile license to PENN Entertainment for $25 million in February.