New York mobile sports betting exceeds €10 billion in the first half of 2024??

Jenny Ortiz July 9, 2024

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New York mobile sports betting exceeds €10 billion in the first half of 2024??

Mobile sports betting in New York reached $10.99 billion (€10.1 million) in the first half of 2024. Data from Gaming Intelligence showed the month of June with 26 percent increase to $1.47 billion (€1.3 billion).

FanDuel led the market with a handle of $571.3 million (€528 million), securing a 39 percent market share. DraftKings followed closely, handling $521.6 million (€482.1 million), which accounted for 35 percent of the monthly total. FanDuel’s handle increased by 37 percent compared to June 2023, while DraftKings saw a modest 7 percent growth.

Other operators also performed well. Caesars reported wagers of $127.7 million (€118 million), and BetMGM had $100.6 million (€92.9 million) in bets. BallyBet experienced the highest year-on-year percentage increase, surging 667 percent to $6.9 million (€6.3 million). Fanatics also saw significant growth, with a 329 percent rise to $67.3 million (€62.2 million). However, Wynn Interactive saw a decline with wagers dropping by 78 percent to $1.5 million (€1.38 million).

Financial results and tax contributions??

Gross win for June was up by 29 percent to $133.9 million (€123.77 million), at a margin of 9.1 percent, bringing the first half’s total win to $1.02 billion (€942.8 million). FanDuel accounted for 50 percent of New York’s mobile betting win in June with $67.1 million (€62 million) at an 11.7 percent margin.

The total betting tax paid by New York’s licensees in the first half of 2024 was $516.9 million (€477.8 million), an increase from $415.7 million (€384.2 million) in the same period last year.

Legal framework and market growth??

New York legalised online sports betting in January 2022. The market has grown since its launch, making it one of the leading sports betting states in the US. Retail and mobile sports betting are legal, with regulations enforced by the New York State Gaming Commission. Retail sportsbooks opened in 2019, followed by online betting in early 2022.?

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