New York reported its latest weekly mobile sports betting numbers and it turns out it was a strange seven-day period for operators. For the week ending on September 3, 2023, the current eight online sportsbooks had a combined betting volume of US$312.8 million, which was an improvement over the last week, but operators got their lowest weekly hold.
The Empire State’s online and regulated market for online sports betting allows for a total of nine operators, however, a couple of weeks ago, Bally Bet went offline to undergo to adopt new technology. Recently, the online operator informed that it has renewed its digital services in Ohio, and vowed that it will soon resume work in New York.
September 3 Week in Review
According to the New York State Gaming Commission’s latest report, the eight operators combined for a total wagering volume of US$312.8 million, which was an impressive 47% bump from the previous week. The spike in betting activity can be explained by the start of the new seasons such as the MLB, English Premier Leagues, and the U.S. Open.
However, despite the enormous amount of wagering during the week, revenue for the eight operators was a mere US$8.3 million. This was the second lowest in the state since the launch of the legal market. It translated to a win rate of just 2.6% for sportsbooks. The only week with worse statistics was October 17, 2022, when operators clocked US$6.2 million in revenue.
Between the operators, FanDuel reported the largest portion of the handle with US$122.2 million of the total volume for the week. It recorded gross gaming proceeds of US$7.3 million for a hold of 5.9%. DraftKings which recently posted its best return for a week in the state reported a record loss of US$3.4 million on a betting handle of US$116 million
Caesars Sportsbook was third in terms of handle with US$36.2 million, while BetMGM disclosed US$18.5 million in bets and its hold of 9% delivered US$1.7 million in gross gaming proceeds. But DraftKings was not the only operator to end the said week on a loss as WynnBET paid out US$36.727 more than it got in handle which was US$2.1 million. This was its eighth week in the red.
Latest from the State
The introduction of mobile sports betting has been a major factor in financing youth sports programs across the Empire State. The state recently enhanced the process, as it was previously flawed and not many organizations knew about the funds. Last year, almost half of the money devoted to youth sports from mobile sports betting went to just three counties: New York City, Nassau County and Suffolk County.
With the spiking popularity of online sports wagering, experts are worried about its potential downside to local bettors. That is why Senator Joe Addabbo, D-Queens is organizing an online seminar on problem gambling education. The virtual seminar will be on September 13, 2023, from 7 p.m. to 8 p.m. on Zoom and will be free for everyone who wants to join.
Source: Senkiw, Brad “Sports Betting Hands DraftKings Worst-Ever New York Loss” Covers, September 8, 2023
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