Thanks to a strong final week of the month, the Empire State avoided another disappointing August handle for the second straight year.
New York has reported a handle of $1.43 billion in August. While that number is the lowest of the year, it is a 29% increase from August 2023. The state ended up with $124.9 million in gross gaming revenue, which led to $63.7 million in tax revenue.
DraftKings led all sportsbooks with a $526 million handle for the month, followed by FanDuel with $511 million.
The college football season kicked off in the last week of August, leading to a spike in wagers. The New York State Gaming Commission reported that the state saw $401 million in wagers in the week ending September 1. That accounts for almost a third of the wagers for the entire month, leading to the massive spike in 2024.
In addition to college football, the state also got a boost from the 2024 Paris Olympics. While not as popular as pro sports in the US, the games did see its fair share of wagers.
The impressive final week of August is just the start of a massive football betting season in the Empire State. The American Gaming Association predicts a massive $35 billion handle for the NFL season alone, a 30% increase from the previous season.
NFL and college football dominate the US betting market, and New York may have one of the best teams in the league. The New York Jets are considered a Super Bowl contender for the first time in a long time, and it is expected to lead to more fans wagering on games.
DraftKings finished August as the leader in handle for the first time since May. FanDuel had dominated the market over the summer, but that appears to be shifting as we head into the football season.
While DraftKings is one of the top operators in the US market, it is recovering from a PR fiasco. The sportsbook announced they would add a surcharge to winnings in four markets to help offset high tax rates. When no other operators followed with charges of their own, the company bowed to public pressure and canceled the planned charge just days later.
Draftkings' stock price took a hit as a result, and some worried that this would lead to a drop in users. However, the sportsbook’s impressive August numbers seem to show that they have avoided that.
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The AGA has come out strongly against the SAFE Bet Act, describing the proposed bill as a slap in the face to the efforts of states and their regulators. If passed, the bill would move almost all regulatory control over sports betting to the federal government.
Caesars Sportsbooks has been approved to launch 53 sports betting kiosks across Washington, D.C., replacing the ones previously operated by GameBetDC. The move is the result of sports betting expansion language included in the District’s 2025 budget.
Fanatics Sportsbook launched its platform in Washington, D.C., on Thursday, making it the fifth operator to go live in the market. Fanatics is now available in 22 markets across the US, making it one of the most widespread sportsbooks in the country.
Two lawmakers have proposed the SAFE Bet Act, which would completely overhaul the US sports betting industry. The proposal would reset the market, handing control over to the federal government. The bill would also add severe advertising restrictions and protections for bettors.
Circuit Court Judge Green has ruled that a lawsuit challenging a sports betting initiative lacked the evidence needed to keep it off the November ballot. That means residents will have a chance to legalize the industry in the upcoming election.
The IRS has sent out a press release warning bettors against using unregulated sportsbooks when wagering on the upcoming NFL season. They estimate that the illegal sports betting market in the US to be worth northwards of $700 million.
The New Jersey Division of Gaming Enforcement has levied a $33,000 fine against bet365 for offering unapproved betting options on its sportsbook. The wager in question revolved around events that were on tap delay, making them illegal under New Jersey law.
The AGA estimates that the NFL season will see around $35 billion in wagers, a 30% increase from last year. More states starting the season with legal sports betting, an expanded D.C. market, and Bovada's downfall are expected to lead to more wagers this season.
A study from the University of Bristol showed that most US sportsbooks’ social media posts do not include verbiage about responsible gaming. The AGA confirmed the study was likely correct but also clarified that sportsbooks are not required to include it in non-sponsored posts.
Hard Rock Bet has launched its online sportsbook in Illinois, the eighth market it is now live in. The brand also opened a new retail sportsbook in Rockford, giving it a significant presence in the state soon after becoming the sole operator in Florida.
The NFLPA has filed a lawsuit against DraftKings, believed to be worth about $65 million, for breach of contract related to its failed NFT marketplace. The NFLPA claims the company plans to end its rights deal and cease all future payments.
DraftKings and the Lac du Flambeau Band of Lake Superiors Chippewa Indians have agreed to a deal that will allow for a new retail sportsbook in Wisconsin. The new sportsbook will open at a casino up north, making them the first outside operator to do so.
A Massachusetts court has rejected DraftKings Sportsbook's motion to dismiss a lawsuit over its deposit match welcome bonus. That means the Public Health Advocacy Institute lawsuit will proceed, which accuses DraftKings of deceptive advertising about the offer.
A new lawsuit has been filed challenging a recent sports betting initiative to get legalization on the ballot in November. Though the group behind the initiative gathered enough signatures, the lawsuit alleges that confirming those signatures was done incorrectly.
BetMGM no longer requires bettors in Nevada to use unique accounts; instead, it allows them to use funds and bonuses from accounts set up in other states. They are the first Nevada online sportsbook to offer this seamless experience.
The Massachusetts Gaming Commission has voted unanimously to remove events from the controversial International Boxing Association from the state’s bet catalog. The move comes soon after an Olympics scandal that revealed Russia’s control of the league.
The MGC has announced that a roundtable discussion about limiting sportsbook customers will be held before the first week of October. While the state’s active sportsbooks are expected to participate, they did not attend the talk hosted earlier this summer.
Reports are that Washington D.C., is demanding documentation from Intralot as a part of an ongoing investigation. Attorney General Brad Schwalb has yet to confirm any details, including who the target of the investigation is.
The Missouri Attorney General has approved an initiative to get the topic of sports betting put on the November ballot. This will allow residents of the Show-Me state to decide the issues themselves, circumventing years of legislative roadblocks.
DraftKings has announced that it will no longer move forward with a controversial surcharge on betting winnings in four major markets with high tax rates. The decision comes soon after FanDuel other operators declined to follow suit by adding similar charges.
DraftKings stunned the sports betting industry by announcing a new surcharge on all customer winnings in four US markets starting in 2024.
