August saw a positive upturn for New York which reported a month on month increase in online sports betting handle. Handle reached US$872m, up 9% from July’s US$800m but the two consecutive months remain the lowest on record since online sports betting launched in January 2022.
The record highs for handle landed in January and March, which reported US$1.67bn and US$1.64bn respectively. July and August remain to date the only months with handle below the US$1bn mark.
The NFL season has now resumed, and thus operators will not only be hoping – but almost expecting a large uptick as one of the largest betting products for the country returns to full season action.
The 2022-23 season will mark New York City’s first full season with legal online sports betting, and therefore will provide analysts with a better gauge of the true accessible market size for operators given the additional absence of Covid-19 disruption.
Which operators fared best?
The operator rankings for the month remained a consistent picture on prior, with FanDuel (Flutter) sitting comfortably at the top, with US$375m in handle and US$46.6m in gross gaming revenue.
DraftKings closed the handle gap, recording US$245m in handle, but only recorded US$25.9m in gross gaming revenue showing the difference in margins between the operators. Next was Caesars, which recorded US$118m in handle and US$13m in GGR, with BetMGM recording US$9m GGR from US$73m handle.
The next four were PointsBet with revenue of US$3m and US$24m handle, Rush Street Interactive (‘RSI’) with US$27m handle and US$2m GGR, Wynn Interactive with US$492,014 GGR and US$6.7m handle and finally Resorts World with US$352,785 GGR and US$4.5m in handle for the month.
The final operator to post financials was BallyBet, with the operator posting its first full months results since its launch in July. The company posted US$97,502 in GGR from US$1.0m handle.
The annual lull in US sports is now over, and all eyes will be on the September rebound. NYC‘s aggressive online sports betting tax rate has, however, led to solid returns to state despite it being a considerably ‘slow’ month by raw numbers.