New York Sports Betting Handle Dips in June But There’s a New Leader Of The Pack

New York Sports Betting Market Handle Update
Published by NYSB Staff
Last Updated: 11. Jul 2023.

New York’s nine legal sportsbooks experienced a slower June than April and May but according to figures published by the State Gaming Commission, total handle was up year-on-year.

The total amount of money wagered by New York bettors in June as the quieter summer period continues stood at $1.16 billion. That’s up over 10% for the same month in 2022.

Changes to NY Betting Market Position in June

The headline New York betting news from June was that DraftKings edged FanDuel for the first time with a handle of $488.5 million against their rival’s $418.1 million. Those numbers represent a market share of 42% versus 36% respectively.

FanDuel still leads on the market share average for this fiscal year though at a little below 40% while DraftKings are at 36%. Whether DraftKing's impressive performance compared with its biggest competitor is merely a one-shot summer showing or the sign of a wider trend will become clearer as the nation's top sports return once fall draws nearer.

Elsewhere, Caesars is the only other NY sportsbook to have taken more than $100 million in bets last month with a handle of over $121 million. That accounts for almost 12% of all wagers made.

All of the online betting sites operating in New York followed the wider trend of a quieter June. Market share for WynnBet, Resorts World Bet and BallyBet remains under 1% each. BetRivers fares a little better with just below 3%.

Structural Shifts May Be to Come in the New York Gambling Industry

While growth in the New York sports betting arena has expectedly abated somewhat, it remains steady and records are still being broken. 

The Empire State was just the third in the US to reach $25 billion spent on sports betting since it was legalized in January 2022. New York joins New Jersey and Nevada in hitting that impressive milestone but it did so in half the time.

As the NY betting market continues to mature, changes to its makeup may soon be afoot. First up, BallyBet announced in mid-June that it was closing its app “for a few months” as it transitions from its proprietary technology to Kambi’s betting platforms. 

BallyBet will join its New York rival BetRivers and a host of other gambling brands worldwide in using Kambi software.

Speculation persists about the future of PointsBet too. There has been chatter for a while that the seventh-largest betting provider in the US will sell its Australian operation. A similar sale of its American offering may soon follow with Fanatics expected to complete the deal soon.

The acquisition of PointsBet US will instantly give Fanatics access to legal betting markets in nine states. As an established brand elsewhere, Fanatics could quickly challenge New York’s heavy hitters - FanDuel, DraftKings and Caesars.

A Sporting Look Ahead

Normal service should resume for New York’s sportsbooks and sports fans shortly. We’ve already seen certain betting sites such as BetMGM dropping one-off promotions for the MLB All-star Game for example.

The same operator - a joint venture between MGM Resorts and Entain - has also reported that 80% of the money it has taken on the FIFA Women’s World Cup has been on the USWNT. The American team are the favorites to win the soccer tournament in what bookmakers expect to be the most bet on Women’s World Cup of all time.

As July progresses, we may also see even more appealing sports betting promos in New York as others follow suit.  

After some shrinkage following the early generous offers when betting went live in the state, perhaps sites have been buoyed by the recent success of DraftKings who refreshed the value of its new customer bonus for the summer season. The Boston-based brand has also run a series of nightly MLB profit boosts and same-game parlay promotions.

Finally, while handle and revenue were down for New York’s sports betting sites, profits were a healthy 42% up year-on-year. All of this could be good news for NY sports bettors seeking the best odds and promos, especially for when the NBA and NFL betting seasons begin.

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