The summer is the slowest period for online sports betting in New York, and this can again be seen in the report for the week ending on July 16, 2023. For the said week, the active sportsbooks reported a weekly volume of US$161.96 million. This is the lowest number for a seven-day period since the week of July 24, 2022.
The Empire State started to accept mobile wagers on sports at the start of 2022, and its market quickly turned into one of the leading regulated ones across the U.S. The sector allows for nine sportsbooks to operate in it. However, they recently became eight, as Bally Bet announced that it will be going offline for a few months, hence further hurting the state’s betting volume.
Lowest Weekly Tally for a While
Most recently, the New York State Gaming Commission, which oversees the online marketplace, issued its report for the week ending on July 16, 2023. For the seven-day period, the currently eight active operators recorded a total wagering handle of US$161.96 million. This is the lowest weekly volume for the state, since the week concluding on July 24, 2022.
Meanwhile, in terms of revenue, for the week of July 16, 2023, the sportsbooks produced US$17.4 million, which is 23.7% lower than the prior week when gross gaming proceeds were US$22.8 million. This translated to a hold of 10.74% for operators, which was slightly up from the 9.6% in the previous week. But due to the handle, it was not enough to make some big profits.
When it comes to operators, FanDuel was once again in the lead, after previously giving way to DraftKings. For the week of July 16, 2023, the New York brand recorded a betting handle of US$64 million, which was its second in a row below the US$ 100 million mark. The operator, however, saw a small increase in hold as it upped to 11.9% in comparison to 11.3% in the prior week.
DraftKings is sitting at the second spot with a total betting volume of US$56.99 million, a win rate of 10.2%, which turned its handle into US$5.8 million in gross gaming proceeds. Caesars Sportsbook was again third, with US$18.76 million in handled bets, 8.4% in hold, and US$1.58 million in profits. BetMGM was fourth with revenue of US$1.3 million and US$11 million in handle.
Possible Changes are on the Cards
At the end of June 2023, the NYSGC reported that it will soon have a decision on the widely-discussed and prevalent sports betting ads in the state. This is due to the fact that many experts criticized the state for the excess of ads during games. The regulator said that it will closely monitor all advertisements to ensure they meet its standards.
Also, in June, Assemblymember Jarett Gandolfo introduced two legislations, Bill A6890 and Bill A6880. If both are passed by the state it would legalize Super Bowl Square pools at bars and restaurants in the state. But in order for that to happen it would require a change in state constitution, which one of the bills would do if approved.
Source: Senkiw, Brad “New York Operators Record Lowest Weekly Sports Betting Handle in Nearly a Year” Covers, July 20, 2023
(No Ratings Yet)
Loading...