A summer spike in sports betting brought a solid boost to New York’s gaming coffers in July, with revenue climbing 10.9% from June and player wagers rising in step. The numbers show a market still finding fresh momentum even in a relatively quiet sports month.
Handle Rises, Hold Strong
It’s not often that July—wedged between the NBA Finals and the start of the NFL preseason—delivers standout betting figures. But New York’s online sportsbooks raked in $156 million in gross gaming revenue last month from a hefty $1.4 billion in wagers. That’s an 11% jump in handle compared to June.
The overall hold rate, the percentage of wagers sportsbooks kept after paying out winners, landed at 11.1%. That’s above the industry’s typical 7–9% range, giving operators a welcome midsummer boost.
FanDuel, a perennial leader in the state, not only posted the highest hold rate at 12.9% but also turned that efficiency into a revenue win.
The Leaderboard Shuffle
The rankings weren’t just about who brought in the most bets, but who made the most of them. DraftKings drew in the largest share of wagers—36.3% of the state’s total handle—edging past FanDuel’s 34%. Yet the revenue picture told a different story.
FanDuel claimed 39.4% of the month’s total revenue, outpacing DraftKings at 33.7%. The higher hold rate made the difference, turning slightly fewer wagers into more dollars kept.
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Caesars Sportsbook came in with the lowest hold rate among the top five operators at 9.9%.
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BetMGM (10.2%), DraftKings (10.3%) and ESPN Bet (10.4%) clustered closely in the middle.
For players, that spread in hold percentages translates to subtle differences in potential payouts. For operators, it’s a reminder that strategy and odds-setting can be as important as customer acquisition.
By the Numbers: July’s Big Five
Here’s a snapshot of how the top operators fared:
| Operator | Handle Share | Hold % | Revenue Share |
|---|---|---|---|
| FanDuel | 34.0% | 12.9% | 39.4% |
| DraftKings | 36.3% | 10.3% | 33.7% |
| Caesars | 14.5% | 9.9% | 12.6% |
| BetMGM | 8.1% | 10.2% | 7.8% |
| ESPN Bet | 4.3% | 10.4% | 4.1% |
The figures point to a competitive but tiered market. FanDuel and DraftKings dominate, while Caesars retains a solid middle position. The rest of the pack is smaller but still significant.
Why July Was Strong
Part of the lift came from baseball, which continues to hold steady betting interest deep into the summer. Major League Baseball’s All-Star Game and the run-up to playoff contention kept sportsbooks busy. There was also a modest push from global sports—tennis, golf majors, and international football tournaments—helping fill the usual July gap.
And there’s the ongoing reality that mobile betting in New York has become a regular habit for many. Since launching in January 2022, the state’s operators have steadily built a base of repeat customers. That loyalty pays off even in months without a high-profile sports calendar.
Still, one sentence says it all: New Yorkers are betting big and often.
The Tax Take
New York’s sports betting tax rate, set at 51%, remains one of the highest in the U.S. For July, that means the state collected roughly $79.6 million in tax revenue.
For context, that’s more than some states bring in from sports betting in an entire year. Lawmakers have shown little appetite to cut the rate despite operator pressure, pointing to the steady revenue stream for education and other programs.
Whether such a high rate is sustainable long term remains a hot topic. Operators argue it limits promotional spending and makes the market harder to sustain profitably. The state’s consistent revenue growth suggests otherwise—at least for now.
What’s Next
August is expected to soften slightly before September’s NFL kickoff sends numbers soaring. The NFL season has historically been the most lucrative period for sportsbooks, and operators will likely ramp up marketing in late August to lock in customers.
FanDuel and DraftKings will keep fighting for handle dominance, but revenue efficiency could remain the key battleground. Smaller players like ESPN Bet and BetMGM may look to carve out niches with targeted promotions or better odds on specific sports.
There’s also the looming question of whether New York will expand its online betting offerings beyond sports. Neighbouring New Jersey already offers a broad range of online casino games, which deliver even higher tax returns. For now, sports betting is the state’s only legal online gambling product.
One thing’s certain—July’s numbers will keep operators optimistic. They’re proof that even in the “off-season,” New York’s bettors aren’t sitting on the sidelines.
