As June drew to a close, the sports betting landscape in New York saw a notable dip in activity. Player spending on online sports betting dropped to its lowest total in ten months, painting a picture of a quieter, less engaged betting community compared to previous months. With the conclusion of marquee events like the NBA and NFL finals in the early weeks of June—both absent New York teams—the state’s handle for June was $1.47 billion. Although this figure marks a significant 25.6% increase from June last year, it signifies a steep 25.4% decline from May's bustling betting environment, which amassed a handle of $1.97 billion.
Traditionally, June marks the beginning of a lull in sports betting, with the summer months across New York and the United States characterized by reduced activity. It's an expected seasonal shift exacerbated by the off-seasons of major sports leagues, leading to fewer high-stakes events to captivate bettors. Even so, June's handle of $1.47 billion remains significantly more robust than the $1.11 billion recorded in August 2023, showcasing the cyclical nature of the industry.
The gross gaming revenue for June stood at $133.9 million, reflecting a 29.0% year-on-year increase. Despite this growth, June's gross gaming revenue fell short by 34.1% compared to May. It's worth noting that June's revenue barely exceeded the $131.4 million posted in February, highlighting the relative stagnation in betting activity during this period.
Top Operators and Revenue Distribution
Among the operators, FanDuel continued to lead the pack, generating $67.1 million in revenue from $571.3 million in total wagers. The company contributed a significant $34.2 million in taxes for June and has paid nearly $998.3 million into state coffers since January 2022. DraftKings also posted solid figures, generating $40.9 million from a $521.6 million handle. Caesars saw customers stake $127.7 million, resulting in $6.8 million in revenue. BetMGM reported $6.8 million in revenue from $100.6 million wagered, while Fanatics had a handle of $67.3 million and revenue of $6.7 million, boasting a hold percentage of 9.96% for June.
Other operators also contributed to the overall revenue, though on a smaller scale. Rush Street Interactive generated $2.5 million from $68.8 million in wagers, while BallyBet and Resorts World posted revenues of $658,294 and $572,891, respectively. Wynn Interactive reported $66,665 from a modest $1.5 million wagered.
Seasonal Trends and Future Projections
The decline in June’s betting activity aligns with established seasonal trends. The MLB season, running through the summer, traditionally does not drive significant betting activity. Major horse racing events such as the Belmont Stakes, golf’s US Open, and the Copa América are notable highlights in the sports calendar, but they lack the broad engagement and high stakes of events like the NBA and NFL finals. Notably, the Copa América took place in the US for only the second time this year, yet it wasn't enough to significantly boost betting activity.
As history suggests, betting activity often sees a further decline in July, followed by a slight recovery in August. The sports betting market then experiences a robust resurgence come September with the onset of the NFL season, which consistently drives high engagement and wagering. This cycle underlines the importance of marquee sports events in sustaining and boosting betting markets.
The dip in June is an anticipated trend rather than an alarming downturn. With major sports leagues in their off-seasons and fewer high-stakes events in June, the drop in betting activity is to be expected. The sports betting market in New York is poised for a revival as the NFL season approaches, promising renewed enthusiasm and participation among bettors across the state.