The July mobile sports betting handle was less than $1 billion

The July mobile sports betting handle was less than $1 billion

New York State reported slightly better weekly results for mobile sports betting after the end of July 2022, but the monthly trend is going down. In July, for the first time since the opening of the market, the state failed to generate over a billion dollars in monthly handle. The handle was only US$800.7 million as of last month.

One of the leading states for online sports wagers in the country, the Empire State opened its mobile sports betting market on January 8, 2022, and it quickly became one of the leading states for mobile sports betting. All of the companies that have been licensed by the New York State Gambling Commission are now operating in the market.

The monthly volume has dropped to US$800 million

Since the start of the online sports betting model, July has been the first month that the state has failed to collect more than US $1 billion in monthly handle. The state reported US$800.7 million in handle in July, breaking the streak of six months in a row with a total handle of more than one billion dollars.

Despite having an extra day of wagering in June, the July results are a 20% drop from the previous month. Tax revenue and hold have both increased in July despite the decrease in volume. The hold for the month was US$73.3 million, which is slightly better than the June hold of US$72.4 million. In June tax revenue was US$36.9M and in July it was US$37.4M.

In the last week of July, the Empire State accumulated US$177.7 million in a weekly handle, which translated to over US$22 million in hold for the operators. The week prior to that, the amount was US$12 million in hold. The results are similar to what we have seen for the past eight weeks.

For the month of July, the nine operators were led by FanDuel which had the most online wagers with a handle of over US$400 million. The total volume of DraftKings was US$213.5 million, while the total volume of Caesars Sportsbook was US$118.2 million. Fourth place went to BetMGM with US$71.2 million in handle, and fifth place went to BetRivers with US$20.3 million in July.

Bally Bet, which is the last operator to go live in the market, and debut on July 7, 2022, managed to aggregate over US$ 600,000 in wagers for the month of July. A hold of US$40,000 and over US20,000 in taxes is rendered by this. In August, the operator announced a partnership with the New York Yankees, which will definitely bolster its presence in the region.

There is also i gaming on the cards

NY lawmakers want to introduce iGaming as a legal option, as well as legalized mobile sports betting. After the decriminalization of online blackjack, roulette, and poker for its gambling enthusiasts, it is estimated that the Empire State could bring in around US$428 million in revenue every year.

“New York Betting: Empire State’s Streak of Billion-Dollar Months Snapped in July” was written by John Reger.

Summary:

For the first time since the opening of the mobile sports betting market in January, the US state of New York failed to generate over $1 billion in the total monthly handle. In July, the state reported US$800.7 million in handle, breaking the streak of six months in a row with a total handle of over $1 billion.