New York June Sports Betting Hits Cooling Trend

The latest data from the New York Gaming Commission reveals that the state’s nine online sportsbooks combined to generate $29.2 million in profits during the week ending June 30th. This figure represents the first time the weekly revenue has fallen below the $30 million mark since the first week of May. The $322.6 million handle, which reflects the total amount wagered, also saw a 3% decline from the previous week.

The hold rate, which measures the percentage of bets retained by the sportsbooks, fell nearly 2.5 percentage points to 9%. This drop in hold rate suggests that the sportsbooks were offering more favorable odds or promotions to attract and retain customers during this period.

The cooling trend in New York’s sports betting market is not entirely unexpected, as the industry typically experiences a seasonal slowdown during the summer months. With the NBA and NHL playoffs concluded and the NFL and college football seasons not set to resume until August, the focus has shifted to sports like MLB, golf, soccer, mixed martial arts, and tennis.

This shift in the sports calendar has led to a natural decrease in betting activity, as the volume of high-profile events and popular sports declines. As a result, the final seven days of June marked the sixth consecutive week of handles below $400 million, indicating a clear tapering off of betting enthusiasm among New York’s sports enthusiasts.

Despite the overall cooling trend, some sportsbooks have managed to maintain their dominance in the market. FanDuel, for instance, reported a weekly handle of $126.9 million, which, although its lowest since late August 2023, still led the state in both handle and revenue. The operator’s double-digit hold rate of 10.1% allowed it to generate $12.8 million in revenue, cementing its position as the market leader.

DraftKings  also remained a top performer, generating $9.7 million in revenue on a handle of $113.5 million. While these figures represent the online sportsbook’s lowest wagering activity since August 2023, DraftKings’ ability to maintain a strong revenue stream underscores its resilience in the face of the broader industry slowdown.

The remaining sportsbooks in the New York market also demonstrated varying degrees of success during the cooling-off period. Caesars finished third in handle at $27.9 million, while BetMGM was fourth at $22.9 million. Both operators generated just shy of $2 million each in weekly revenue, indicating their ability to capitalize on the available betting demand.

Fanatics Sportsbook, a relative newcomer to the market, posted the state’s second-highest hold at 11.1%, earning $1.8 million in revenue on a $16.5 million handle. This performance highlights the potential for smaller or newer operators to carve out a niche in the highly competitive New York sports betting landscape.

One of the more notable performances during this period came from Bally Bet, which enjoyed the best win rate of any New York operator for the week. The sportsbook’s 13.4% hold produced over $215,000 in profit on a handle totaling more than $1.6 million. This represents Bally Bet’s best week since mid-May, suggesting that the operator has found a way to effectively navigate the market’s current challenges.

Not all sportsbooks fared equally well during the cooling-off period. Both BetRivers and WynnBet reported holds below 6%, indicating a struggle to maintain profitability in the face of declining betting activity. Resorts World Bet, on the other hand, managed to reach an 8.5% hold, which allowed the operator to score its highest week of profits in three weeks, with revenue of $157,435.