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The Empire State’s sportsbooks have once again proven their resilience, reporting a powerful performance in July despite the traditionally slower summer betting season. With a handle of $1.41 billion and gross gaming revenue of $155.9 million, the market continued to show strong year-over-year growth while maintaining an impressive double-digit hold for the third consecutive month.
The July hold rate came in at 11.08%, sustaining a trend that began in May and continued through June. For context, a double-digit hold rate has historically been the exception in most US betting markets, but New York operators have now managed it for three straight months. This level of consistency is notable given the seasonal dip in sports betting activity, with fewer high-profile events compared to the NFL- and NBA-heavy months of spring and fall.
The competitive landscape between operators remains fierce, with shifts in both handle and revenue distribution highlighting evolving consumer behavior:
- FanDuel led all operators in revenue, generating $61.4 million in July. The company also became the first operator to surpass $3 billion in lifetime digital revenue in New York. However, its handle slipped to $476.9 million, the lowest since mobile betting launched in 2022, reducing its market share to 34%.
- DraftKings claimed the largest handle in July at $509.4 million, an 11.5% year-over-year increase. Its revenue reached $52.5 million, supported by a 10.3% hold rate, underlining its growing strength in the state.
- Fanatics Sportsbook continued to build momentum following its relaunch. With a handle of $137.7 million and revenue of $13.9 million, the operator posted an 80% increase year-on-year and secured nearly 10% market share, its strongest result to date.
- BetMGM and Caesars delivered steady performances, each reporting roughly $98 million in handle and generating around $10 million in revenue.
- ESPN Bet recorded a milestone, achieving its first-ever double-digit hold at 10.4%, producing $3.9 million in revenue from a $37.1 million handle.
New York’s high tax rate on mobile sports betting continues to generate substantial state income. In July alone, operators contributed nearly $79.4 million in taxes, pushing the year-to-date total to $736 million. That figure is $147 million higher than at the same point in 2024, reinforcing the importance of sports betting as a revenue stream for state programs and services.
Although July’s handle was the lowest since August 2024, the month’s revenue figures highlight how high hold percentages can offset seasonal declines. With baseball as the primary betting driver during summer months, operators managed to maintain profitability until the arrival of the NFL and college football seasons, which traditionally spark the year’s busiest period.
The outlook for New York’s sports betting market remains highly optimistic. Sustained double-digit hold rates suggest operators are refining their risk management strategies and promotional spend, while player engagement remains strong even in quieter periods. As football season approaches, industry analysts expect betting activity to climb sharply, with the potential to set new records in both handle and tax contributions by year’s end.
Sources: Gambling Insider, World Casino News
