The shrinking number of NFL football games and the existing challenges of New York’s high-tax environment may be taking a toll on the wagering seen at the state’s online sports betting sites.
Numbers reported Thursday by the New York State Gaming Commission show the state's nine mobile sportsbooks handled $344.8 million in action during the week ended January 29, a steep drop from the $450.7 million reported for the week before.
The weekly handle for New York’s nine online sportsbooks was lower than $400 million last week, the first time that’s happened in 2023.
The haul for operators slid as well. Gross gaming revenue from mobile sports betting in New York tumbled last week, to $27.3 million from $57.5 million for the seven days that ended January 22.
A pigskin-related problem
FanDuel remained on top of the diminished heap during the week ended January 29, taking $146.8 million in bets and generating $13.5 million in revenue. They were followed again by DraftKings, with $108.7 million in handle and $6.7 million in revenue.
Third in the rankings was Caesars Sportsbook once more, as the operator handled $43 million in wagers and turned it into almost $4 million in receipts.
The dip in handle and revenue in New York comes as lawmakers spent time this past week reviewing the first year of online sports betting in the state and its effects on the government’s budget. Representatives from DraftKings and FanDuel warned during the committee meeting that the strong performance seen thus far could weaken if tax changes are not made.
However, the drop in weekly handle reported recently is at least partly because New York no longer had any NFL teams left in the playoffs after the Buffalo Bills and New York Giants lost the week before. The amount of NFL football left to be played and wagered upon is only going to keep falling too, as only the Super Bowl on February 12 remains following this weekend.