New York Sports Betting Handle, Revenue Dip in Slower August

New York’s mobile sports betting market posted a seasonal slowdown in August, with handle and revenue both declining year over year as bettors awaited the return of football. Online sportsbooks accepted approximately $2.04 billion in wagers during the month, a 15.2% decrease from August 2024, marking the lowest monthly handle reported since July. Gross gaming revenue totalled $178.2 million, which translated into roughly $90.9 million in state tax revenue at New York’s 51% rate – the highest such rate in the nation.

A Predictable Seasonal Ebb

August is traditionally one of the quietest months on the sports betting calendar, and New York’s figures reflect that pattern. With Major League Baseball approaching the end of its regular season, no NBA or NHL action, and college football just beginning, operators had limited marquee inventory to drive wagering volume.

The year-over-year decline of 15.2% suggests the seasonal dip was somewhat steeper than in the prior summer, though industry observers generally view August results as a trough rather than a trend. The New York State Gaming Commission’s weekly reports showed activity picking up toward the end of the month, with the late-August return of college football beginning to lift weekly handle figures.

Hold Rates and Revenue Implications

Gross gaming revenue of $178.2 million on $2.04 billion in wagers implies a monthly hold of approximately 8.7%, below the 11.9% win rate sportsbooks recorded in the same month a year earlier. Hold – the percentage of total wagers retained by operators after payouts – can fluctuate considerably month to month based on betting outcomes, making it a noisy indicator of underlying demand.

Even with the softer hold, the $90.9 million in tax collections underscores the fiscal weight of New York’s market. Since launching in January 2022, the state has consistently led the nation in sports betting tax revenue, a distinction driven by both its large population base and its 51% tax rate on gross gaming revenue.

Market Structure Remains Concentrated

New York’s nine licensed mobile operators continue to compete in one of the most concentrated and heavily taxed markets in the country. FanDuel and DraftKings remain the dominant platforms by handle and revenue, with BetMGM, Caesars, Fanatics, and other licensees accounting for a smaller share of activity. August’s results did not materially alter that competitive hierarchy, though operator-level detail from the Commission’s reports typically provides a clearer picture of relative market share.