New York and Iowa show decline in sports betting for June
Poor performances attributed to the lack of major sporting events this month.
New York saw a sharp decline in its total sports handle in June, with its total of $1.05bn, representing its poorest performance since January. The overall market generated only $72.4m in revenue, down 34% year-on-year. This was its first sub-$100m result since February.
FanDuel took a lion’s share of the sports betting market in New York with a majority revenue of 54.6% and 45% of sports betting handle. Its closest competitor was DraftKings which followed in revenue and handle at 22.7% and 25.7% respectively.
These poor showings for the Empire State can be attributed largely to the lack of major sporting events in June. The spring and summer are traditionally slower seasons for sports betting, with the NBA season winding down. The MLB is the only major sports league in play.
Iowa’s numbers reflected New York’s, with a slightly less dramatic decline. FanDuel claimed a strong lead in the Hawkeye State, with a 45% share of revenue. DraftKings lagged behind it at 28%. Overall, sports betting revenue fell by 22% to $6.5m in June.
In Iowa, FanDuel’s Boyd’s Diamond Jo Dubuque and Caesars Sportsbook at Harrah’s were the only two retail casinos to report a growth in betting this month.
Iowa became the 11th state to legalize sports betting in May 2019 and officially went live in February 2020. It now has a total of 24 casinos and pari-matuel facilities.
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