New York Sports Betting Revenue Hits Record High as Bettors Lose Big in July

New York sports betting achieved unprecedented revenue figures in July, sports betting gamblers experienced significant losses during this period, contributing to record-breaking operator revenues that defied typical summer seasonality trends. The surge came as World Cup betting activity drove exceptional wagering volumes during a traditionally slower period for the industry. At this time, major operators capitalized on the heightened engagement, with FanDuel and DraftKings leading the competitive landscape.

The New York Gaming Commission reported eight online sportsbooks generated gross revenue of USD 214.40 million from a USD 1.88 billion handle in July. This 11.4% hold represented more than double June’s rate, when operators faced challenging market conditions. The performance marked the first time operators produced at least USD 200 million in gross revenue during July since wagering launched in January 2022.

Sportsbooks captured over USD 97 million more in July compared to June, driven by back-to-back weeks of at least USD 63 million in profits. Year-over-year revenue spiked 37.8%, demonstrating significant growth from the previous July’s performance. The double-digit win rate combined with substantial wagering volume helped the Empire State collect USD 109.30 million in tax revenue for the month.

As a result of the strong July performance, the year-to-date tax revenue total surpassed USD 725 million. The recovery from June’s lower hold percentage demonstrated operator ability to capitalize on favorable betting outcomes during a period when World Cup action supplemented traditional summer sports offerings. New York sports betting operators benefited from improved margins while maintaining substantial handle figures throughout the month.

World Cup Betting Drives Unprecedented Summer Action

The 2026 FIFA World Cup served as the primary catalyst for July’s exceptional performance. Hosted across the United States, Mexico, and Canada, the tournament featured 48 teams competing in 104 matches throughout the month. Spain defeated Argentina 1-0 in the final on July 19 at New York New Jersey Stadium, with Ferran Torres scoring in the 106th minute after a 0-0 regulation draw.

Hard Rock Bet Senior Vice President Neil Walsh characterized the event’s magnitude, stating the World Cup represented “the equivalent of 10 Super Bowls” and called it “the biggest betting event in American history”. Caesars Sportsbook reported the final generated handle nearly 65% higher than the company’s previous tournament record. In fact, the match set new Caesars records for total handle, total wagers, and unique bettors.

Betting outcomes heavily favored operators. Argentina attracted the bulk of action in both three-way moneyline and To Lift The Trophy markets. The scoreless regulation period eliminated all three-way moneyline bets on either team, while Spain’s overtime victory wiped out Argentina futures positions. SuperBook Vice President John Murray described the result as “about our best-case scenario”. Circa Sports Director Jeff Benson called it “a nice bonus for what otherwise would be a slow summer”.

FanDuel and DraftKings Lead Operator Performance

FanDuel and DraftKings maintained their stranglehold on New York sports betting during July’s record month. FanDuel dominated bettors behind a 13.2% win rate, generating state-high gross revenue of USD 86.10 million on a USD 651.20 million handle, double what the operator made in June. DraftKings led all online New York sports betting operators for the second consecutive July with a USD 661.50 million handle, while its 11% hold generated USD 72.90 million in gross revenue, second among the state’s operators.

The two platforms command 44% and 34% of the market respectively, holding approximately 80% of the U.S. sports betting market combined. DraftKings holds about 32% market share nationally.

Fanatics fell just shy of a double-digit hold, but the online sportsbook won USD 21.10 million in July, a 129% month-over-month increase, on over USD 221.00 million in wagers. BetMGM won back 11.3% on a USD 138.30 million handle, while Caesars reached a hold of 9.3% on USD 122.60 million in wagers. The competitive landscape demonstrated clear separation between the market leaders and secondary operators during the World Cup-driven betting surge.

888 Shareholders Greenlight William Hill Acquisition

Shareholders at 888 Holdings have overwhelmingly voted in favour of the company’s intentions to acquire William Hill’s non-US portfolio. Caesar’s Entertainment, who currently own William Hill’s full suite of assets, have been anxious to offload it’s UK and European business since their colossal £2.9bn takeover of the operator back in 2020.

888 have announced that the deal should reach completion by the end of June, which should align with the timing of their permission to trade as a premium listing on the London Stock Exchange. This approval is currently pending, with the FCA (Financial Conduct Authority) expected to declare their decision imminently.

The organization’s non-executive Chairman, Lord Mendelsohn, welcomed the news, suggesting that the merger represented a major step forward for the gambling giant. He said, ‘’we look forward to completing this transformational acquisition at the end of June, creating a global online betting and gaming leader through the combination of two highly complementary businesses and two of the industry’s leading brands’’.

The Gibraltar-based operator is certainly optimistic about its future success. It’s recently undertaken a rapid expansion plan, targeting the UK as a key market in its business roadmap. Furthermore, the firm projected that if the William Hill acquisition had been secured before the commencement of 2021, last year’s gross gaming revenue figure would have eclipsed $2bn, with an EBITDA of $437m.

This has been a protracted deal, with Caesar’s initially accepting 888’s proposal a full eight months ago. Key changes were made on the detail of the deal last month in respect of new regulatory guidance; this resulted in all parties agreeing a £250m reduction in the sale price.

Should 888 Holdings get this one across the line, which is looking increasingly likely, they will assume control of all William Hill’s UK and European online and retail interests.

Caesars set to complete William Hill acquisition by 1 April

Caesars expects to complete its proposed acquisition of William Hill by 1 April after the bookmaker confirmed all necessary regulatory approvals should be obtained in the coming weeks.

In September 2020, Caesars lodged a bid worth £2.9bn (€3.39bn/$4.03bn) to acquire the entire issued and to-be issued share capital of William Hill that it does not already own.

The agreement, which was approved by William Hill shareholders in November, will see Caesars purchase William Hill’s 1.08bn shares for £2.72 each. Caesars said it plans to retain William Hill’s US betting arm, with the rest of the business set to be sold.

Caesars had previously said it had hoped to complete the acquisition during the second quarter of 2021, and an update published today (10 March) by William Hill suggests this timetable is on track.

William Hill said Caesars expects any remaining approvals to be obtained from the relevant US gaming authorities and other gambling regulators on or about 23 March.

In anticipation, Caesars and William Hill have scheduled a Scheme Court Hearing, at which the court will be asked to sanction the acquisition. The hearing will take place on 30 March.

Should the court approve the deal, and Caesars and William Hill satisfy all other required conditions, then the acquisition is expected to complete on 1 April. William Hill’s shares would then be cancelled on 6 April, in line with the terms of the deal.

Apollo Global had also put forward an offer to acquire William Hill, but the bookmaker’s board unanimously agreed to approve the Caesars deal in September.

The acquisition follows Caesars’ acquisition by Eldorado Resorts in a $17.3bn reverse-merger deal, putting 55 casinos under the operator’s control.

Caesars in advanced talks on £2.9bn William Hill takeover bid

The operator of the Las Vegas casino Caesars Palace has confirmed it is in “advanced discussions” about a possible £2.9bn takeover bid for the UK bookmaker William Hill.

Caesars Entertainment said it had offered 272p a share in cash after scrutinising the company’s books.

The US hotel and entertainment firm said the board of William Hill had indicated the “possible cash offer is at a price level that they would be minded to recommend to William Hill shareholders”.

Should a firm offer be made and receive the go-ahead from shareholders and anti-competition authorities, the deal would be expected to complete in the second half of next year, Caesars said. The US company indicated it would terminate its joint venture with William Hill in the US if interest from private equity group Apollo Management International crystallises into a successful bid - a statement that helped push down William Hill’s share price on Monday.

Tom Reeg, the Caesars chief executive, said: “The opportunity to combine our land-based casinos, sports betting and online gaming in the US is a truly exciting prospect.

“William Hill’s sports betting expertise will complement Caesars’ current offering, enabling the combined group to better serve our customers in the fast-growing US sports betting and online market.”

William Hill declined to comment.

Shares in William Hill fell almost 12% to close at 275.9p on Monday after surging by more than 40% on Friday, when the gambling firm said it had received separate cash proposals from Caesars and Apollol.

Caesars estimates that the enlarged sports and online gaming business over there could generate between $600m and $700m in revenues next year, tapping into a market that could grow to $30bn-$35bn, it said, quoting analysts.

Caesars, founded in Reno, Nevada, in 1937, is one of the largest casino operators in the US and employed 80,000 people at the end of 2019. Its venues are run under the brands Caesars, Harrah’s, Horseshoe and Eldorado. It is best known for running the Caesars Palace hotel on the Las Vegas strip, famed for hosting performers such as Frank Sinatra, Judy Garland and Elton John, as well as top boxing matches.

Like its UK rivals, William Hill is expanding in the US market, where the supreme court reversed a decades-old ban on sports betting in 2018. It has been struggling in the UK and recorded pre-tax losses in 2018 and 2019 after curbs on fixed-odds betting terminals were introduced.

The company has also been hit by the coronavirus pandemic. The cancellation of big sports events around the world initially led to a big drop in betting activity but the return of sporting competition such as Premier League football on 17 June meant much of the revenue affected by lockdown was delayed rather than lost.

William Hill decided not to reopen 119 branches closed during the coronavirus lockdown but few redundancies were expected as the majority of staff were redeployed. It is left with 1,414 UK branches and employs 12,500 people worldwide, including 8,000 in the UK.

Caesars races to cash in on NJ, Mississippi sports betting market

Casino operator Caesars Entertainment Corp. (CEC) officially joined its rivals in the sports betting market derby, right on the heels of one Atlantic City casino that has started taking sports bets this week.

Bally’s Wild Wild West have started accepting sports bets on Monday morning, while its sister casino Harrah’s Resort will open its doors to punters on Wednesday, according to CEC. This makes the twin gambling facilities the third and fourth casinos to offer sports betting in Atlantic City.

Bally’s temporary sportsbook operation inside Wild Wild West reportedly has 30 leather chairs placed right in front of three large television screens and five smaller screens. Bally’s has converted its shuttered cashier windows to sports wagering windows. Harrah’s sports wagering space looks quite similar to Bally’s, although Harrah’s only has 28 leather chairs, six high-top tables and five screens for viewing.

CEC also plans to bring sports betting in Mississippi by mid-August through its casino properties, Horseshoe Tunica and Harrah’s Gulf Coast resorts.

The casino operator’s announcement came a day after its rival MGM declared it will create a $200 million sports betting and online gaming joint venture with UK-based GVC Holdings, one of the world’s largest bookmakers.

CEC has tapped gambling technology provider Scientific Games Corporation (Sci Games) to provide its OpenBet sportsbook platform in New Jersey and Mississippi. CEC President and Chief Executive Officer Mark Frissora described its partnership with Sci Games to be strategic since the casino operator also plans to roll out mobile sports betting throughout New Jersey and Mississippi.

Frissora pointed out that the recent U.S. Supreme Court decision to repeal the Professional and Amateur Sports Protection Act of 1992 allows CEC to expand its “sports betting digital and mobile offerings into new markets.”

One of the advantages that CEC have against its rivals in Atlantic City is its experience operating sportsbooks in Las Vegas, according to Frissora.

“We recognize that our customers expect exciting new experiences, which is why we will continue to offer new products through our mobile and digital platforms and inside our properties,” Frissora said in a statement.

New Jersey approvals clear six Atlantic City casinos to launch online

The Division of Gaming Enforcement (DGE) in New Jersey issued Transactional Waivers Friday to online gaming companies partnered with six of the seven Atlantic City casinos that will launch online gaming sites on November 26th.

The waivers enable Borgata, Caesars, Golden Nugget, Tropicana, Trump Plaza and Trump Taj Mahal to go live on that date with their online poker and casino offerings, while Resorts and its online partner PokerStars continue to wait for approval.

A spokesperson for PokerStars said: "Our application remains under review by the New Jersey Division of Gaming Enforcement and we remain committed to working with the Division to complete the review process."

But the wait is over for the rest. bwin.party received a waiver to begin transacting with Borgata, as did GameAccount (Trump Plaza); Fertitta (Trump Taj Mahal); Amaya (Caesars, Borgata, Golden Nugget and Trump Plaza); Gamesys (Tropicana); 888 (Caesars' and Bally's); and Bally Technologies (Golden Nugget).

The DGE also said Friday that eight other companies were considered eligible to receive a Transaction Waiver, once they enter into an agreement with a casino licensee or platform provider and request the waiver.

The companies that have passed a preliminary investigation are Paddy Power, Scientific Games, Williams Interactive, Genesis Gaming, Betable, Evolution, Pala Interactive, and Rush Street Interactive.

The DGE added that it continues to review other companies who have filed for Casino Service Industry Enterprise (CSIE) licensure, ancillary casino service industry enterprise licensure and vendor registration.

Caesars Interactive Entertainment beats Zynga

Caesars Interactive Entertainment (CIE) has for the first time surpassed Zynga as the leading online social casino game, according to a report by Eilers Research.

It is another blow to the once leading online social gaming company, which has recently installed a new CEO to help bring back the good times to Zynga.

Caesars Interactive Entertainment, is a subsidiary of Caesar Entertainment, a part of the world’s largest gaming company. The CEO of Caesars Interactive Entertainment is Mitch Garber, with also from CIE will be launching their branded World Series of Poker for real money in Nevada later this summer.

According to the report CIE now holds over 18% of the global online social casino market in the second quarter of 2013, with Zynga holding a 15% market share.

The overall online social casino market is expected to grow by 67% to $2 billion by the end of 2013 says Eilers. While the expected growth is encouraging, the market has the potential of becoming over saturated.

Britney does Las Vegas with Caesars

There has been weeks of speculation, but now Entertainment has confirmed that it’s trying to bring Britney Spears to Las Vegas for a recurring gig at the Planet Hollywood Resort and Casino.

Spokeswoman Emily Wofford said Friday the company is in negotiations to install the pop princess on the Las Vegas Strip.

“We can now confirm the company is actively engaged in discussions with Britney Spears’ representatives regarding a potential headlining residency at Planet Hollywood Resort and Casino,” the company said in a statement.

The 31-year-old “Scream & Shout” singer stoked rumors last week by responding with a “Viva Las Vegas” hashtag to a post from her dog’s Twitter account asking if puppies can gamble in Sin City.

Earlier this week, Spears’ manager Larry Rudolph revealed negotiations were down to two casinos, one of which is part of the Caesars Entertainment Group. The deal will reportedly be finalized once the pop star’s team decides on a casino.

“We are in deep negotiations and I’d be shocked if it didn’t happen. Hoping to have a deal done very soon,” Rudolph said.

Spears left her position on the television singing contest “The X Factor” in January, telling fans she wanted to refocus on her music.

Caesars Entertainment currently is promoting residencies by singers Cee Lo Green at Planet Hollywood and Shania Twain at Caesars Palace.

Caesars $610m deal

Caesars Entertainment Corp. has announced that it is selling Harrah’s St. Louis to Penn National Gaming, Inc. for $610 million in cash. “Harrah’s St. Louis is a quality property with a talented team. We are grateful to our colleagues in St. Louis for their commitment to providing excellent service to our customers. The sale of this property exemplifies our strategy to maximize returns from our mix of assets through investments in new markets as well as occasional divestitures,” said Gary Loveman, chairman, president and chief executive officer of Caesars Entertainment. “We are committed to expanding our distribution network into growth markets that have the potential for high returns.”

The transaction is expected to close in the second half of 2012, subject to regulatory approvals. According to a press release, the property will continue to operate as Harrah’s St. Louis until the transaction is closed. Deutsche Bank Securities Inc. served as financial advisor to Caesars Entertainment on this transaction.

Cashing in on Caesars online sector

Rock Gaming is reportedly buying into an undisclosed percentage of Caesars online sector, Caesars Interactive. The price tag attached to this is an alleged $60.8 million. The reports first surfaced in Newsnet5.com and stated that an SEC filing by Rock shows that it has the option to up its shares in the company by roughly 25 percent down the road for $19.2 million as well.

“Rock Gaming is pleased to expand our relationship with the Caesars organization through an investment in Caesars Interactive Entertainment,” the company said in a prepared statement.

“Through our existing joint venture to develop full-service urban casinos in Cleveland & Cincinnati… we believe that an investment in CIE is a natural next step to align our interests & talents with Caesars.”

The latest news indicates that there is money to be made in social gaming. In Newsnet5’s opinion: “The potential is evident by looking at companies like Zynga, which offers Texas Hold™em Poker & many others on Facebook,” the station notes, pointing out that when Facebook went public earlier this year it was revealed that Zynga made up about 12 percent of the social networking giant’s revenue.

It also added that the laws governing online gambling in the U.S. are in a state of change following last year’s interpretation of the Wire Act by the Justice Department that altered its long-held view that all online wagering was illegal. The new position implies that the act applies to only sports betting.

Regulators approve Caesars link with 888

The Nevada Gaming Commission regulator yesterday approved the business relationship between Caesars Interactive Entertainment Incorporated and 888 Holdings under the language of the Nevada Foreign Gaming Act.

Gibraltar-based 888 is one of the world’s largest operators of Internet gambling operators while Caesars Interactive is the online subsidiary of Caesars Entertainment Corporation, the globe’s largest land-based gaming company.

888, through its Dragonfish independent business-to-business division, signed a long-term agreement in 2010 to provide Harrah’s Interactive with technology and services to operate online gambling sites for the World Series of Poker and Caesars brands. Although these domains are only available to players in the UK and not those in the United States, Las Vegas-based Caesars Entertainment submitted requests to the Nevada Gaming Commission and the Nevada State Gaming Control Board last year in order to discover the ‘suitability concerning (Harrah’s Interactive Entertainment’s) supplier relationship with Dragonfish’.

“The application relates to state law in Nevada that covers Nevada gaming companies conducting gaming outside the state of Nevada,” read a statement from 888.

The Foreign Gaming Act was last cited in 2007 when regulators found Hong Kong businesswoman Pansy Ho suitable to serve as a business partner for MGM Mirage in their shared ownership of the MGM Grand Macau. However, this marked the first time that regulators investigated the suitability of an online operator that took wagers from Americans before the enactment of the Unlawful Internet Gaming Enforcement Act of 2006.

The business relationship between Caesars Interactive and 888 was approved by the Nevada State Gaming Control Board two weeks ago while Thursday’s endorsement by the Nevada Gaming Commission marked the first time that regulators had explicitly allowed a land-based casino operator to do significant business with a foreign company offering online gambling.

“We are pleased with the successful outcome of this review by the Nevada Gaming Control Board and Nevada Gaming Commission,” said 888 chief executive Gigi Levy. “We look forward to our continued relationship with Caesars.”

Hail Caesar! Harrah’s re-brands ahead of IPO

US gaming giant Harrah’s Entertainment Inc. has set the price range for its initial public offering on Nasdaq, in the process dropping the Harrah’s brand as its corporate name.

Harrah’s is set to list 31.25m shares on the Nasdaq Global Select Market at an estimated price range of $15.00 to $17.00 per share, bringing in estimated proceeds of between $469m and $531m which the company said will be used for general corporate purposes and to fund a near-term pipeline of growth projects.

The company’s shares will be listed under the stock symbol CZR, reflecting the new corporate name Caesars Entertainment Corp.

Caesars is Harrah’s flagship brand which it acquired in 2005 and the corporate name change is designed to leverage the strength of that brand which is seen as more prestigious, particularly in international markets where the company hopes to achieve a substantial part of its future growth.

Harrah’s has identified a number of opportunities which could help drive future growth including the liberalisations and legalisation of casino gambling both abroad and at home, and the continuing legalisation of online gambling.

The company is already present online in the UK under the Caesars and WSOP brands and also in the US with a free-play WSOP poker site.