New York Online Sports Betting Handle Hits $1.15 Billion in August
New York’s online sports betting handle reached an impressive $1.15 billion in August. This figure showcases continued strong performance in the Empire State. While slightly down from July’s record, it marks a substantial year-over-year increase. The state continues to solidify its position as a top-tier US regulated market.
Gross gaming revenue (GGR) for the month stood at $119.7 million. This also represents a healthy increase compared to August of the previous year. New York collected $61.0 million in tax revenue from these operations. The state’s 51% tax rate on sports betting revenue contributes significantly to public funds.
Operator Performance and Market Share
FanDuel maintained its dominant position as the market leader. The operator recorded a handle of $463.3 million for August. FanDuel’s revenue reached $54.0 million. DraftKings followed closely, securing the second spot. Its total handle for the month was $375.0 million, generating $37.0 million in revenue.
Caesars Sportsbook also posted robust figures. Its August handle reached $133.2 million. Revenue for Caesars stood at $13.5 million. BetMGM reported a handle of $91.3 million. This resulted in $9.2 million in revenue.
The remaining operators contributed as follows:
- Rush Street Interactive (BetRivers): $33.3 million handle; $3.3 million revenue.
- PointsBet: $12.5 million handle; $1.4 million revenue.
- Resorts World Bet: $10.1 million handle; $845,951 revenue.
- Bally Bet: $9.1 million handle; $360,707 revenue.
- WynnBet: $6.2 million handle; $303,889 revenue.
These figures highlight a competitive landscape with a clear hierarchy among the major players in the New York online sports betting market.
Comparing August’s Performance
The New York online sports betting handle for August demonstrated positive growth when compared year-on-year. In August 2022, the state reported an online handle of $872.2 million. Revenue that month was $96.9 million. This indicates a significant jump in both wagering activity and operator earnings over the past year.
Looking at the immediate past, August’s figures were slightly lower than July’s. July 2023 saw an online handle of $1.09 billion. Revenue in July reached $109.1 million. Despite this minor month-over-month dip, the overall trend remains positive. The market consistently attracts high volumes of bets.
Year-to-Date Totals Show Robust Growth
The cumulative figures for New York’s online sports betting sector up to the end of August are impressive. The total handle for the year reached $12.33 billion. This substantial sum underscores the immense popularity of legal online wagering in the state.
Operators have collectively generated $1.19 billion in revenue year-to-date. This has translated into considerable tax contributions. The state has collected over $606.8 million in tax revenue during the same period. These numbers reinforce New York’s position as a powerhouse in the US regulated sports betting industry. The market continues to deliver strong financial results for both operators and the state treasury.
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