The World Cup knockout rounds provided a bump to sportsbooks across the U.S. in July, and operators in New Jersey may have been the ones to feel it most significantly, reporting a 30% increase in revenue against July 2025. The state hosted a total of eight games, including two in July — the Round of 16 match in which Norway upset Brazil, 2-1, on July 5, and the final between Argentina and Spain July 19. Spain won, 1-0.
A theme among sportsbooks for the month was an increase in the win rate.
Below is a look at July revenue reports from three key states.
Michigan
Sports betting handle was up against July 2025, but down 3% compared to June. The state’s operators took $355.2 million in wagers in July, per Tuesday’s Michigan Gaming Control Board revenue report. Operator gross revenue was $43.36 million, and adjusted gross revenue was $30.77 million, up 28.8% against June. Online sportsbooks paid the state $2.1 million in taxes on an 8.4% tax rate. Operators also paid $591,247 in taxes and fees to the city of Detroit.
FanDuel remained at the top of the heap across the board, taking $107 million in bets, $14.9 million in gross revenue, and $11.8 million in AGR. Handle was slightly down against June, but revenue was up. DraftKings was second with $99 million in wagers, $12.4 million in gross revenue, and $8.1 million in AGR. DraftKings had the biggest decline in handle against June, down $6.9 million, though revenue was up.
BetMGM and Fanatics Betting & Gaming were third and fourth in handle, with $41 million and $35.3 million, respectively. But the two were neck-and-neck in revenue, with BetMGM reporting $4.9 million in gross revenue and $3.4 million in AGR, and Fanatics reporting $4.8 million in gross revenue and $3.4 million in AGR. BetMGM and Fanatics had slight spikes in handle against June.
New Jersey
Wagering operators had their highest hold of the year in July — 11.9% — nearly double the hold in June. Handle was down about $100 million, from $917 to $816.9 million, but the $97 million in revenue represents a nearly 30% increase against July 2025, according to the New Jersey Division of Gaming Enforcement press release issued Friday.
Operators paid the state $20 million in taxes on a 13% tax rate.
FanDuel led all operators in revenue, keeping $32.8 million. DraftKings was the next most lucrative operator, reporting $25.7 million in revenue, followed by Fanatics ($10.6 million), and BetMGM ($8.8 million). Bet365 dropped out of third place in revenue, reporting $7.7 million.
Pennsylvania
Sportsbook revenue was up month-over-month and year-over-year, and operators reported at 12.7% hold rate for July, the per the latest Pennsylvania Gaming Control Board report released. Handle for online and retail sports betting was $509.5 million, and revenue was $64.8 million.
FanDuel via its Valley Forge Casino Resort partnership led all online sportsbooks in revenue in July, reporting $25.4 million on handle of $165.7 million. FanDuel’s win rate was more than 15%. DraftKings, which has online market access via Penn’s Hollywood Casino at the Meadows took $163.8 million in wagers, and reported revenue of $19.3 million. DraftKings’ hold was 11.8%.
Fanatics Betting & Gaming and BetMGM were in the third and fourth positions for online handle — $35.2 million and $35.1 million, respectively — though they fared differently for revenue. BetMGM reported $4.4 million and Fanatics showed $3.9 million. In total, operators had $51.8 million in taxable income and paid the state and local entities $18.7 million in taxes.
