New York Sports Betting Handle Ticking Up Again After Weekly Slide

Numbers recently released by the New York State Gaming Commission show the mobile sports wagering handle in the Empire State was $265.6 million for the week ended June 19.

Last Updated: Jun 27, 2022 11:38 AM ET Read Time: 2 min
Aaron Judge New York Yankees MLB

The weekly amount of online sports betting in New York may have finally found its floor and begun ticking up again. 

Numbers recently released by the New York State Gaming Commission show the mobile sports wagering handle in the Empire State was $265.6 million for the week ended June 19. That was up 7% from the $248.2 million in online wagers handled for the week ended June 12, which was an all-time weekly low for the state. 

Gross gaming revenue from online sports betting last week in New York was $13.9 million, good for a 5.2% hold for the seven-day period. Both numbers were down from the week ended June 12, when revenue and the win rate were $21.7 million and 8.7%, respectively. 

Last week was also the sixth in a row in which mobile handle was below $300 million in New York. With the fall football season still a few months away, legal sports betting in the state looks to be settling into a quieter period. 

A win for some, a loss for others

Among operators, FanDuel again led the way in terms of total wagering, as the online sportsbook handled $124.9 million in bets last week in New York. DraftKings was once more the runner-up, with $65.6 million in handle, followed by Caesars Sportsbook, with $38.2 million in wagering. 

FanDuel also accounted for almost all of the gross gaming revenue generated by New York's eight online sportsbooks, with $12.4 million. No other operator came close to that amount, and a few even reported losses for the week. 

Scratching out a profit is proving challenging for online bookmakers in New York. Even after paying out winners, the eight operators that are legally live and taking bets in the state are subject to a 51% tax rate, which is one of the highest in the United States. That’s in addition to the $200 million in licensing fees already paid to the state by online platform providers.  

However, for the state itself, the levy is working well, providing millions and millions of dollars in funding for education. New York Gov. Kathy Hochul announced last month that mobile sports betting had produced a record-breaking amount of tax revenue — $263 million — since the legal launch of online wagering on January 8. 

"In less than half a year, New York has become a leader among states in implementing successful gaming policies, with hundreds of millions of dollars going to important programs that will improve the lives of all New Yorkers," Hochul said in a press release. "I am committed to upholding responsible and effective gaming policies that will move the industry forward and continue to drive our state's economic growth."

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