August was an impressive month for the sports betting industry in New York, with a significant increase in betting volume and gross gaming revenue (GGR).
The state recorded a 28.8% growth in betting volume compared to the same period last year, reaching the US$1.44 billion mark.
In terms of revenue, the increase was 26.5%, totaling US$ 125 million. Despite these impressive numbers, August still represented the lowest monthly volume of 2024 so far.
Leading Sports Betting Operators in New York
Two industry giants, FanDuel and DraftKings, dominated the market, accounting for around two-thirds of the total value. FanDuel had revenue of US$52.6 million, which represents growth of 25.1%, based on US$511.6 million in turnover.
This value is 25% higher compared to August 2023. On the other hand, DraftKings led in turnover, reaching US$526.7 million, an increase of 17.9%. However, FanDuel surpassed DraftKings in revenue, as the latter earned US$43.4 million, a growth of 22.9%.
This performance is notable considering that August is traditionally a quiet month for sports betting due to low activity in high-viewer sports except for Major League Baseball (MLB).
The start of the NFL season, which takes place in September, often causes operators to use August to prepare for the new football season.
BetMGM and Caesars numbers
In addition to FanDuel and DraftKings, two other operators surpassed the US$100 million mark in turnover during August.
BetMGM recorded a turnover of US$127.9 million, a significant increase of 82.9% compared to the previous year, being its second best monthly result in 2024. However, GGR was only US$7 million, growing modestly 7%.
Caesars also had a robust turnover of US$119.9 million, although it showed a slight drop compared to August 2023. Its GGR was US$9.4 million, showing a slight decline compared to the same period of the year previous.
A curious fact is that Wynn Interactive did not register any activity in August, as it closed its operations in the state before the launch of the new ESPN Bet platform.
Taxes, resource allocation and accumulated results in 2024
In New York, the tax on sports betting is 51%, which has resulted in $63.8 million allocated to educational funding in the state. This means that of the $125 million raised, sports betting operators were left with just $61.2 million.
Cumulative mobile sports betting activity in New York for the five months ending August 31, 2024 reached $8.1 billion. Thus, representing a growth of 31.9% compared to the same period in the previous fiscal year.
Finally, this number demonstrates the continuous advancement of the sector in the state. Furthermore, it maintains a prominent position in the sports betting scene in the United States.
