Summer’s approaching, games are dwindling, and the robust New York mobile sports betting scene appears to be taking a hit.
The New York State Gaming Commission (NYSGC) recently released its latest numbers for online sports betting. According to those figures, the Empire State posted its lowest handle for a full week of wagering since the launch of mobile betting, with $286.2 million in handle for the seven days ended May 15.
It was just the second time the Empire State’s mobile wagering for a full week dipped below the $300-million mark. The consistency has helped define New York as the top betting market in the country.
It wasn’t all doom and gloom, however. The gross gaming revenue (GGR) for the state's legal online sportsbooks was nearly $31 million, giving operators a 10.8% win rate for the week of May 9 to May 15. The state also earned approximately $15.8 million in tax receipts.
The week’s top performers
FanDuel posted its lowest ever full-week handle, but still eclipsed the $120-million mark for the 18th straight week. Its $17.6 million GGR was good for an impressive 14.7% hold as well.
DraftKings hovered around its usual handle, taking $71.7 million in wagers and pulling in $6.3 million in GGR. Meanwhile, Caesars recorded its second-lowest handle of the year while bringing in $3.1 million in GGR.
Finishing off the top four was BetMGM, which remained consistent with $30 million in handle and $2.3 million in GGR.
|Sportsbook operator||Handle for week ended May 15||GGR for week ended May 15|
Market still strong despite recent slump
Despite New York’s online handle falling below $300 million in two of the last three weeks, the betting market remains healthy.
It’s also looking like the state is a lock for another $1-billion handle month, as New York bookmakers already hit close to $618 million in bets through May 15 (not including May 1).
Bally’s has yet to launch its Bally Bet book in New York as well. The state’s ninth legal operator is poised to hit the market in New York sometime this quarter.
Since the legal launch of online sports betting in New York on January 8, mobile bookmakers have taken $6.9 billion in bets and generated $493.1 million in GGR. New York’s finances have benefited too, with over $251 million in tax dollars received, most of which is reserved for the state’s education fund.
|Sportsbook operator||Handle since Jan. 8||GGR since Jan. 8||Taxes since Jan. 8|