New York Posts Solid August 2024 Sports Betting Financials

Summer sports betting slowdown for our best sports betting sites? Maybe on the revenue front, but not when it comes to handle, according to the New York sports betting financials for August 2024. 

The New York sports betting scene is the biggest in the nation, but even it is showing signs of maturing and growth year-on-year. Generally, with only Major League Baseball going in terms of pro sports – and NFL preseason – August is a slower month in the sports betting industry. 

Handle results

August’s handle showed some improvement for New York sports betting apps.

According to the New York State Gaming Commission August report, handle levels increased by a little more than $174 million from July to $1.44 billion. While that 13.8% increase is nice as we head into the busiest time of the sports betting season, it’s dwarfed by the 29% year-on-year increase from last August’s $1.1 billion.

The approximate $1.44 billion in handle may be month-on-month and year-on-year growth, but is still the second-lowest mark of the year for the Empire State, which has crossed over the $8 billion handle mark for the fiscal year, which began in April. Residents continue to take advantage of numerous New York sportsbook promos.

Gross gaming revenue 

However, revenues did not follow suit. 

Gross gaming revenue (GGR) came in at just under $125 million for mobile sports wagering in New York, the lowest for the FY. The previous low came with $133 million in June. It’s the second year running that August has been the lowest GGR for the year, but the good news is that September last year experienced a big boost. 

It’s also a 26.9% increase year-on-year from last August. 

Sportsbooks and taxes

It was a typical month for sportsbooks in the state, with DraftKings and FanDuel battling it out for the top spot and each claiming one role.

DraftKings led the way with handle, bringing in approximately $526.7 million to FanDuel’s $511.6 million; FanDuel took the revenue title with $52.6 million against DraftKings’ $43.3 million.

Only two other operators broke the $100 million mark in August – BetMGM and Caesars.

BetMGM had a monthly handle of $127.9 million, netting a GGR of $7 million; Caesars’ handle was a not-too-distant $119.9 million, although it recorded $9.4 million in revenues. 

All in, New York mobile sports wagering paid $63.75 million in taxes to needy state and local coffers, bringing the total to just over $400 million for the year.