In July 2023, New York reported its slowest week for online sports betting, but according to the latest numbers, the handle has bounced back for the week ending on July 23, 2023. Most recently, the New York State Gaming Commission confirmed that for the said week, the betting handle rose to US$217.8 million or 34% more than the prior week.
The Empire State’s sector of online sports betting is in motion since January 2022, and it is among the top jurisdictions in the U.S. for regulated mobile sports wagering. Under the state’s limited model, only nine operators are allowed to legally offer digital bets. However, the sportsbooks are eight at the moment due to Bally Bet going temporarily offline.
Still Second-Lowest Week in 2023
At the end of the last working week, the gambling regulator issued its latest weekly numbers on the sector. Its report confirmed that for the week ending on July 23, 2023, the betting handle reached US$217.8 million or a 34.5% improvement over the previous week. However, despite the solid bump, it is still the second-lowest tally for the calendar year.
The growth in betting activity put gross gaming revenue for the week above the US$ 20 million threshold for the third time in four weeks with US$25.3 million. This translated to a 45.7% spike in comparison to the prior week. In the meantime, for the latest weekly report, operators had 11.6% in hold, which was also an improvement from the previous week with 10.7%.
FanDuel is Still Leading the Pack
In terms of operators, FanDuel is still ahead of its peers for the said week, as the sportsbook collected the largest portion of the betting volume with US$92.6 million. This was a 45% improvement on its handle. The bookmaker raked in US$11.6 million in revenue, which was also the largest revenue among operators. It had a weekly win rate of 12.6%, being once again above the 11% mark.
DraftKings was second in betting activity and gross proceeds with US$71.8 million and US$7.4 million, respectively. Hence, marking the four weeks in a row, below US$100 million in wagers. Caesars Sportsbook was again in third with a handle of US$25.5 million and revenue of just over US$3 million, while BetMGM got a handle of US$13.5 million and US$1.86 in earnings.
Seeking Further Expansion of the Sector
After the success of mobile sports betting, New York lawmakers are searching for other ways of advancing the local sports betting industry. In June 2023, Assemblymember Jarett Gandolfo introduced bills to legalize Super Bowl Square pools at bars and restaurants in the state. Super Bowl Squares is a popular and casual betting game most often played among office pools, families, and friends.
But that is not all, as NYSGC said that changes to advertising are also on the way. Last month, the commission’s Chairman Brian O’Dwyer said new regulations are just weeks away. The increasing popularity of sports betting led to an increase in marketing across the state, which became a cause of concern for experts as many people already experience problem gambling issues.
Source: Senkiw, Brad “New York Weekly Sports Betting Handle Rises 34% for Online Sportsbooks” Covers, July 28, 2023
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