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New York Sports Betting Revenue Cools Down in June

New York’s latest numbers from its mobile sports wagering market, confirm that the state suffered a significant drop in revenue in June 2023 in comparison to May 2023. New York State Gaming Commission disclosed total gross revenue of US$103.8 million in June which was 31.7% down from May, but it was still a year-over-year improvement on June 2022.

Launched in January 2022, the Empire State’s mobile sports betting market quickly paved its way into the top legal online sports wagering jurisdiction in the U.S. In its first 12 months, it broke numerous records and delivered over US$700 million from bets in tax profit for the state. The money will be invested in tackling problem gambling, youth sports, and education.

June’s Results are Out

On Friday, the NYSGC issued its latest numbers confirming that throughout June 2023, operators generated a betting handle of US$1.17 billion. This is the 10th consecutive month of activity being above the US$1-billion mark. It should be mentioned that the wagering volume was 14% in comparison to May 2023, but up 11.3% from June 2022.

As mentioned, the nine digital sportsbooks collected gross gaming proceeds of US$103.8 million in June. This translated to a hold for them of 8.6%, which was 2.5% lower than the previous month. The proceeds transformed into tax revenue of US$52.9 million, which is the lowest since August 2022. For 2023, the state collected US$415 million while sportsbooks got US$51 million after tax.

In June, DraftKings recorded the largest betting handle with US$488.5 million from the total pool, while FanDuel got US$418.1 million. However, the latter outperformed its competitor in terms of winnings as the New York-based operator clocked 11.3% hold and US$47.2 million in GGR, while DraftKings saw a 7.6% one and US$37.1 million.

In the meantime, NYSGC reported that for the week ending on July 2, 2023, operators saw a revenue increase of around 58%. The total handle for the week was US$218.3 million, which was down again on the weekly with an 18.4% drop. But sportsbooks saw their hold increase to 11.9% which was almost double the 6.1% from the prior seven-day period.

At the start of July 2023, New York reported that it has reached another important milestone in its mobile sports betting market. State officials revealed that the local sector generated US$25 billion in total betting handle since its launch. This significant achievement was achieved in just 18 months, making the state the quickest to reach it in such a speedy fashion.

Ads Will Be Regulated Soon, Says Watchdog

A month earlier, NYSGC disclosed that it will soon have a decision on the proposed changes to gambling ads in the state. After revisiting the previous suggestions on limiting ads, the regulator said measures will be taken. The regulator also praised colleges and universities for concluding marketing partnerships with sportsbooks.