New York’s monthly betting handle dips below $1bn for first time due to seasonality
New Yorkers placed a total of $800.8m in online sports wagers during July – a record monthly low since the regulated sports betting market opened in January.
This represents a drop-off of 23.8% from the $1.05bn wagered in June and cements July as the first month with handle below $1bn, according to data from the New York State Gaming Commission.
Meanwhile, gross gaming revenue (GGR) from mobile sports betting climbed marginally by 1.2% from $72.4m in June to $73.3m in July.
However, the reduced handle should not be seen as a sign that punters have lost their appetite for mobile sports betting. The dip in handle is simply due to seasonality, US iGaming experts confirmed to iGaming NEXT.
Both spring and summer are traditionally quieter months in the US sports wagering calendar due to a lack of major sporting events as bettors await the start of both college football and the NFL.
Breaking down July performance by operator, Flutter Entertainment-owned FanDuel retained top spot, reporting $39m in revenue from monthly handle of $347.7m.
DraftKings came in second with $15.8m in revenue from $213.5m in handle, while the Caesars Sportsbook followed in third place with $8.7m and a $118.2m handle.
BetMGM generated $6.3m in revenue and processed $73.2m in total wagers during July. Elsewhere, PointsBet posted $1.7m in revenue and a $16.5m handle while Rush Street Interactive was next with $1.2m in revenue of $20.3m in total player wagers.
Wynn Interactive posted $431,990 in revenue and a $6m handle, while Resorts World followed with $262,309 in revenue from $4.7m in wagers.
Bally Bet, which went live in New York in July, recorded revenue of $40,080 and a $640,397 handle.