New York Online Sports Betting Passes $2 Billion in August

In August, New York’s online sports betting market experienced a rise, with total wagers surpassing the $2 billion mark for the first time since May. The New York State Gaming Commission reported that the total handle for August reached an impressive $2.04 billion. This figure represents a 41.9% increase compared to August of the previous year and a 45.9% rise from the $1.4 billion wagered in July.

Gross gaming revenue for the month was recorded at $178.2 million, marking a 42.6% increase year-on-year and a 14.5% rise from July’s figures. Despite this growth, it is noteworthy that August’s revenue was the third-lowest monthly total in the current calendar year, suggesting that while the handle has increased, the revenue generation has not kept pace with previous highs.

The hold percentage for August stood at 8.72%, a figure that reflects the operators’ ability to retain a portion of the total wagers placed.

FanDuel Maintains Dominance

FanDuel, operated by Flutter Entertainment, continued to lead the market in terms of revenue. The platform reported a revenue of $66.9 million from a handle of $561.9 million, achieving a hold of 11.91%.

DraftKings Follows Closely

DraftKings, another major player in the online sports betting arena, secured the second position despite handling more wagers than FanDuel. The operator reported a revenue of $62.3 million from a total of $579.6 million in bets, resulting in a hold of 10.75%.

Fanatics Sets New Records

Fanatics reported a record revenue of $16.1 million from a handle of $565.8 million. This handle represents an all-time monthly high for the operator, driven in part by a single bettor placing nearly $120 million in wagers during one week in August. However, the hold for Fanatics was relatively low at 2.85%, indicating that while the volume of bets was high, the profitability was not as robust.

Other Notable Operators

• BetMGM generated $13.8 million from a handle of $130.4 million, achieving a hold of 10.58%.
• Caesars reported $10.7 million in revenue from $113.5 million in bets, with a hold of 9.43%.
• Rush Street Interactive earned $4 million from a handle of $40.8 million, resulting in a hold of 9.8%.
• ESPN Bet closely followed with $3.6 million from the same handle, achieving a hold of 8.82%.
• Bally Bet and Resorts World trailed behind, with revenues of $839,409 and $229,357, respectively.