New York Sports Betting Market Finally Cools Off in June

After an incredible one, New York’s bustling sports betting market finally cooled off last month.

The New York State Gaming Commission has reported a June sports betting handle of $1.65 billion. The total is down over 25% compared to a record-setting May, but was up 12% year-over-year. Despite seeing fewer wagers, sportsbooks still managed to maintain a record-high hold of 12.5%.

While sportsbooks still saw solid revenue numbers, June’s handle is the lowest since August 2024. It ends an incredible hot streak for the market, which has been shattering records over the last ten months. As a result, New York has now seen over $3 billion in tax revenue since launching in January 2022.

DraftKings led the way with a $607 million handle in June, but FanDuel saw about $13 million more in revenue. That marks a victory for Flutter Entertainment, which recently reached a deal to take 100% control of FanDuel Sportsbooks last week.

Fanatics continued to hold onto the third spot, once again beating out Caesars and BetMGM. 

ESPN Bet Continues to Struggle

Leadership at Penn Entertainment has been pushing to save its ESPN Bet platform, but June’s New York numbers show not much has changed. The platform finished with the second-lowest hold (8.3%), narrowly beating out Resorts World Bet. It continues to be a concerning trend for ESPN Bet, which Penn hoped would compete with the likes of Fantatics. 

While New York is just one market, it has represented a sort of “last stand” for ESPN Bet. Penn can end its contract with Disney to run the sportsbook in 2026. While CEO Jay Snowden has promised that the platform will start to see profits in 2026, investors appear to be losing faith. 

A recent Penn board election was held last month, and investors voted in favor of adding a pair of new members who oppose continued investment in ESPN Bet. Unless the sportsbooks can find a way to compete in markets like New York soon, it will likely be shuttered next year.