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New York quickly became the largest sports betting market in the US after their January 2022 launch, but they have seen a decline in revenue over the last few months. The New York State Gaming Commission (NYSGC) revealed that the state saw a 27.6% increase in revenue in August compared to the previous year. However, the gross revenue dropped 1.1% compared to last year and 6.3% compared to July.
One of the biggest reasons for these seemingly conflicting numbers is that New York bettors have been winning a lot of wagers. Their bets send the sports betting handle soaring, but the winnings lead to lower revenue numbers.
The good news for New York operators is that the handle has continued to rise, remaining the largest in the country. The recent hot streak by New York bettors won’t last forever, and a lousy month could lead to hundreds of millions of dollars in revenue for operators.
New York and all US betting markets will soon see a significant uptick in revenue with the NFL finally underway. The country’s most popular sport is also the most popular to wager on, making it the most profitable time of year for operators.
Fanduel and DraftKings have continued to dominate the New York sports betting industry. Since its launch in January 2022, FanDuel has seen $11 billion in wagers, while DraftKings has seen $8.5 billion. Caesars is in third with $4 billion, while BetMGM is close behind at $2 billion. No other operator has eclipsed the $1 billion in wagers mark, showing just how top-heavy the market has become.
FanDuel and DraftKings have established themselves as the top two sportsbooks in the country. Almost every state has the same top four as New York, and it has led to many sportsbooks exiting the US market. However, New York’s massive handle gives even the smallest operators reason to hold on to their licenses.
Michael is an avid sports fan and a veteran bettor from Milwaukee. He learned the trade from his grandfather in Las Vegas as a kid and has turned that into a successful career. He cheers for all Wisconsin pro teams along with his Alma Mater Arizona State. He specializes in baseball betting, but has experience in football, basketball, and hockey as well. When he isn’t pouring over stats, he’s spending time with his two young children.More info on Michael Savio
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