New York's sports betting industry is the largest in the United States, yet it continues to show signs of maturation and growth year by year. Generally, August is a quieter month for the sports betting industry due to only Major League Baseball and NFL preseason games being in play.
According to the New York State Gaming Commission's report for August, the betting volume increased by $174 million from July, reaching $1.44 billion. Although a 13.8% increase is quite good as we are about to enter the busiest period of the sports betting season, it pales in comparison to the 29% year-over-year growth last August, which was $1.1 billion.
The transaction volume of approximately $1.44 billion may have grown from the previous month and the same period last year, but for the Empire State, it is still the second lowest point of the year, with the transaction volume exceeding $8 billion since the fiscal year starting in April.
New York's mobile sports betting total Gross Gaming Revenue (GGR) was just under $125 million, the lowest of this fiscal year. The previous lowest was $133 million in June. This is the second consecutive year that August has been the lowest GGR of the year, but the good news is that there was a significant increase last September.
DraftKings led in transaction volume with about $526.7 million, while FanDuel was at $511.6 million; FanDuel topped the revenue chart with $52.6 million, while DraftKings was at $43.3 million. Compared to last August, this figure represents a 26.9% year-over-year increase.
In August, only two other operators broke the $100 million mark—BetMGM and Caesars.
BetMGM's monthly betting volume was $127.9 million, with a total GGR of $7 million; Caesars' monthly betting volume was also close to $119.9 million, although its revenue was $9.4 million.
New York mobile sports betting contributed $63.75 million in taxes to the state and local treasuries of impoverished areas, bringing the total annual tax revenue to just over $400 million.
