August marked a busy month for licensed sports betting and casino operators in New York, newly released financial data reveals.
Only recently, the state gambling regulator, the New York State Gaming Commission, released details regarding the performance of betting and casino companies during last month, recording an increase in revenue.
Betting firms post revenue growth, proceeds to education soar
Notably, the total sports betting handle in August surpassed the $2bn dollar mark for the first time since May.
In total, licensed betting operators reported $2,044,463,754 handle, a figure that signals a month-on-month and year-over-year increase.
While this August, the mobile betting handle soared to $2.04bn, in August last year, it halted at $1.44bn.
Similarly, a month earlier, in July this year, the sports wagering handle halted at $1.40bn, significantly below the latest figure of more than $2bn.
Not unexpectedly, mobile sports wagering gross gaming revenue (GGR) increased in August as well, hitting $178.2m, up by more than $50m when compared to the $125m reported during the same month last year.
A breakdown released by the New York State Gaming Commission reveals that the net revenue to platform providers and net revenue to education have also skyrocketed in August.
While in August 2024, operators recorded $61.2m in net revenue, this year, it increased to $87.3m.
The net revenue for education reported in August last year halted at $63.8m, while this year, it soared to $90.9m.
DraftKings, Fanatics and FanDuel retain dominance in August
In August, DraftKings, Fanatics Sportsbook and FanDuel retained their leadership in New York by reporting the highest mobile betting handle.
While DraftKings' betting handle last month was $579.6m, the highest result out of all operators, Fanatics followed closely with $565.8m in betting handle.
FanDuel reported the third-highest betting handle result with $561m.
However, a breakdown in terms of net revenue per platform provider paints a different picture.
Last month, DraftKings' net revenue was $30.5m and the operator's contributions to education hit $31.8m.
While Fanatics Sportsbook had the second-highest betting handle in August, its net revenue was $7.9m, while its contributions to education hit $8.2m.
This means that in terms of net revenue, FanDuel reported the second-highest result with $32.8m.
FanDuel's contributions to education in August were $34.1m, the Commission's data reveals.
Revenue and handle reported by casinos in New York records solid growth
In August, casino operators also reported an increase in revenue year-over-year and month-over-month.
Notably, the casino operators' handle hit $587.7m, the highest result for the year so far.
Not only did this result mark an increase when compared to the $555.6m reported a month earlier, in July, but it also surpassed the $545.7m figure from the same period in 2024.
The total gross gaming revenue reported by casinos last month also increased, reaching nearly $65m.
This result also marked the best figure since the start of 2025.
