June proved to be a tough slide for sportsbook operators in some of the nation’s biggest legal betting states, with revenue dropping sharply from both the year and month before.
Just as was reported previously for New York, the public did comparably well in a month that featured the start of the World Cup, the completion of the NBA and NHL playoffs, and regular summer action such as baseball, according to reports issued in recent days by regulators in Michigan, Pennsylvania, and New Jersey.
In terms of gross revenue, sportsbooks earned 10.1% less in Michigan in June than in the same month in 2025, 28.1% less in Pennsylvania, and 37.7% less in New Jersey. Michigan and Pennsylvania also report the operators’ taxable adjusted revenue after promotions, and the dips were even more for those.
Each of those three major betting states showed a year-over-year increase in handle, though they all saw less wagering than in May, a busier month on the sports calendar.
Michigan
Michigan’s numbers, reported Tuesday by the Michigan Gaming Control Board, continued to be heavily influenced by the online startup of bet365, which was in its second full month of operation through partnership with the Little Traverse Bay Bands of Odawa Indians.
While operators statewide earned gross revenue of $40.1 million and adjusted revenue of $20.1 million in June, bet365 reported a gross of $3.8 million but adjusted figure of negative-$1.8 million, due to heavy reliance on promotions. That loss was still much better than in bet365’s first full month in May, when it lost $16 million while grossing $66.8 million in trying hard to entice customers with bonuses.
Michigan’s newest operator slots in at fourth place in the state in volume behind longtime stalwarts FanDuel, DraftKings, and BetMGM. Operators statewide took $366.1 million in bets, ahead of last June’s $302.7 million while down from May’s $457.6 million.
FanDuel reported $13.7 million in gross revenue and $8.8 million in adjusted revenue off handle of $110 million. A year ago, it showed revenue figures of $18.5 million/$14 million from $103.4 million in bets, and the month before it made $22.9 million/$16.8 million from volume of $131 million.
DraftKings took $105.7 million in bets in June, with gross and adjusted revenue of $10.9 million/$6.5 million. That revenue was down from $13.1 million/$9.7 million earned from $95 million in handle a year ago, and $14.9 million/$11.3 million earned from $121.5 million in May bets.
BetMGM remained well behind the two leaders in betting volume last month, with its customers wagering $40.7 million and the operator reporting gross/adjusted revenue of $5 million/$2.9 million. The revenue declined from $5.4 million/$3.6 million in June 2025 on $40.9 million in bets, and $6.4 million/$4.5 million this May on handle of $45.3 million.
Pennsylvania
Pennsylvania’s statewide handle of $570.3 million in June was up nearly 18% from a year ago, but operators’ earnings from what bettors lost dropped by a steeper percentage, according to the Pennsylvania Gaming Control Board’s monthly report. Gross revenue of $48 million was down 28.1% from June 2025, and adjusted revenue of $31 million fell by 39.6%. Compared to a rosier May, the gross was 29% less, and operators saw a more severe drop of 41.1% in adjusted revenue.
The competition between FanDuel and DraftKings for online volume was close, with FanDuel’s June handle of $186.4 million only about $4 million more than its rival’s, but the revenue race was not as close.
FanDuel reported gross and adjusted revenue of $18.6 million and $12.1 million for the month, while DraftKings stood at $12.6 million and $7.7 million. Those numbers were all down sharply from June 2025, when FanDuel saw $28.3 million/$22.6 million in revenue and DraftKings reported $17.8 million/$14 million.
In a relatively close three-way race to be next in online handle in Pennsylvania behind the two clear leaders, Fanatics Sportsbook took $41.1 million in bets, with gross/adjusted revenue of $2.8 million/$1.8 million.
BetMGM took less in wagers, with handle of $39 million in June, but did better in revenue, reporting $3.9 million/$2.6 million.
Bet365, meanwhile, was in fifth place with $34.6 million in handle, while showing revenue of $3.8 million/$1.7 million.
New Jersey
New Jersey was the only one of the three states to see more betting in June than in May, with statewide handle of $917.2 million compared to $912.9 million the month before. That didn’t help boost the bottom line for operators, however.
The Division of Gaming Enforcement reported that gross revenue of $57.3 million was off 37.7% from a year earlier, when there was just $790.4 million in handle. Revenue was also down 32.7% from May.
The New Jersey regulator does not report handle figures by operator in the way that other states do, but its report showed $25 million in gross revenue for FanDuel, compared to $35.8 million a year earlier and $34.5 million the month before.
DraftKings earned $13.7 million for the month, less than $24.3 million a year earlier and $21.7 million the month before.
Bet365 grossed $6.7 million, compared to $4.8 million in 2025 and $7 million in May.
BetMGM reported $4.5 million in revenue last month. It made $5.9 million a year earlier and $6.1 million a month earlier.
