Summary
- In July, the New York State Gaming Commission, the guardian of gambling in the state, unveiled compelling data on how mobile betting operators have been performing.
- Even without major American sports events, New York's licensed betting companies have thrived, reporting a robust betting handle and seeing significant growth in their gross gaming revenue compared to last year.
- In July, DraftKings took the lead in betting handle, with FanDuel and Fanatics Sportsbook hot on its heels.
July proved to be a whirlwind for mobile sports betting operators in New York, as revealed by the state's gambling authority, the New York State Gaming Commission. The latest reports from these operators paint a vivid picture of significant growth, showcasing a substantial spike in the mobile betting handle alongside a rise in mobile betting gross gaming revenue (GGR).
Mobile betting handle and GGR record strong growth year-over-year in July
At present, New York stands tall as one of North America's heavyweight champions in the sports betting arena. The American Gaming Association estimates the betting handle for this booming market is nearly $23 billion, with sports betting taxes fueling the economy by more than $1 billion. Recent revelations from the state's gambling authority highlight that last month's mobile betting handle soared to $1.40 billion. Diving deeper into the details reveals that in July, the mobile betting gross gaming revenue (GGR) was a striking $155.6 million. When compared to the same period in 2024, these numbers paint a picture of robust growth: back then, the mobile betting handle paused at $1.26 billion, while mobile wagering GGR was $140.3 million. With this surge in both betting handle and GGR, it's hardly surprising that net revenue flowing to platform providers and education showed a positive trend in the previous month. Licensed operators chalked up $76.2 million in net revenue in July, while educational coffers swelled by $79.3 million, thanks to a hefty 51% tax on mobile betting revenue that licensed operators must tackle. A year-over-year snapshot underscores this upward momentum, showing that the net revenue for licensed mobile sports betting operators spiked by over 10.8% in July. New York mirrored this rise in education proceeds, which had previously plateaued at $71.6 million in July 2024. It's worth noting that as of now, the New York State Gaming Commission hasn't released the financial data for Resorts World BET for last month.
DraftKings claims the highest mobile betting handle, FanDuel posts the highest betting GGR
In July, DraftKings achieved an exceptional milestone, with their mobile sports wagering handle soaring to $509.4 million. They reported a mobile betting gross gaming revenue (GGR) of $52.5 million and secured a net revenue of $25.7 million. Hot on their heels was FanDuel, another powerhouse in the betting and gaming world, closely tracking its main competitor. FanDuel brought in an impressive $476.9 million in mobile wagering handle and boasted a GGR of $61.4 million that month. Even more striking was their net revenue, which surpassed DraftKings, reaching $30.1 million. Meanwhile, Fanatics, a dominant force in the industry with a significant presence nationwide, recorded the third-highest mobile betting handle for July. They reported a betting handle of $137.7 million, accompanied by a mobile sports betting GGR of $13.9 million, and brought in a net revenue of $6.8 million.
