Betting News 
New York State’s sports betting landscape reached new heights in July, as mobile sportsbooks and retail locations together amassed a staggering $140.9 million in revenue, marking a significant 33.5% increase from the previous year. This surge in revenue was propelled by a robust collective hold rate of 11.1% across the state’s nine mobile operators, making it the fourth-highest in the 31 months since mobile wagering was introduced in the Empire State.
In terms of betting volume, New Yorkers wagered a total of $1.27 billion in July, up 31% from the same period last year. This marks a significant rebound, as it was the first time in nearly two years that monthly wagering did not breach the billion-dollar threshold.
The state’s revenue boost is reflected in its tax collections, with $71.6 million garnered in July alone, contributing to a national record post-PASPA with over $6 billion in total tax revenue, of which New York’s contribution exceeds 35%.
Fanatics Sportsbook has shown impressive performance, achieving an 11.7% win rate in July and setting a new revenue record for any licensee at $8.9 million. Meanwhile, FanDuel continues to dominate the market with $59.3 million in revenue from $482.5 million in bets, maintaining a strong hold rate above 12% for the second time this year.
DraftKings also reported substantial earnings with $48 million in revenue, attributing to a 10.5% hold rate, while Caesars and BetMGM rounded out the top performers, nearly reaching the 10% hold mark themselves.
July also saw the exit of WynnBET from the New York market, as it ceased operations on July 29. Despite never capturing more than 1% of the market share, WynnBET’s departure paves the way for PENN Entertainment to introduce ESPN BET, anticipated to launch before the college football season begins.
With the NFL season approaching, betting activity is expected to soar, potentially pushing the total annual handle past the $20 billion mark. The success of New York’s sports betting market not only highlights the robust appetite among bettors but also underscores the significant revenue and tax benefits it brings to the state.
This dynamic growth in New York’s sports betting sector positions it as a leading market in the U.S., driving both consumer engagement and substantial fiscal contributions through strategic market expansions and regulatory enhancements.
