The summer of 2023 was quite turbulent for New York’s mobile sports wagering market, as it suffered many ups and downs in terms of betting volume. However, the week of August 20 has last found some consistency, as the latest numbers released by the New York State Gaming Commission indicate steady improvement over the previous week.
New York has offered legal mobile sports betting to its residents via a total of nine digital sportsbooks since January 2022. In its first year, the nine operators brought in a total of just over US$700 million in tax revenue for the state with another US$200 million from licenses. But at the moment, eight of them are online as Bally Bet went offline for makeovers.
Results for the Week of August 20
In its latest reports the New York State Gaming Commission reported that for the week ending on August 20, 2023, online sports betting operators accounted for a total wagering handle of US$233.7 million. This was a small increase of 4.5% over the previous seven-day period. Meanwhile, the weekly handle has been above US$200 million for the fifth week in a row.
In terms of gross gaming revenue there was almost no change, as the latest week brought in US$21.6 million, which was slightly above the US$21.3 million from the previous week. Hold for operators suffered a small drop from 9.5% to 9.2%. It is a huge difference from the previous 51% drop in GGR. In comparison to the same week of 2022, the handle was up, but revenue was down.
In the meantime, the competition between DraftKings and FanDuel for the top sportsbook operator in the Empire State is getting more heated. This time DraftKings got the better of its rival, as the sportsbook collected the largest handle with US$89.3 million. But it got the second-most in revenue out of all bookmakers with US$7.3 million before tax.
FanDuel got the second-largest betting volume with US$87.7 million, but it boasted the largest pre-tax proceeds with US$8.9 million with a hold of 10.2%. Other operators such as Caesars Sportsbook reported US$25.9 million in volume and revenue of US$2.3 million. BetMGM was in fourth with weekly activity of US$16.1 million and earnings of US$917,000.
The week ending on August 20, 2023, also saw an important announcement from Caesars Entertainment as the company debuted its Caesars Racebook in the Empire State. The horse racing account wagering platform offers pari-mutuel betting on world-class horse racing on more than 300 tracks worldwide. Hence, providing more options for local fans of the ponies.
Prop-Style Fantasy is Sports Betting, Rules Regulator
In August, the New York State Gaming Commission also provided a decision on a commenter’s request to change Daily Fantasy Sports rules to allow pick ’em-style player games. However, the gambling regulator denied it. Its argument was that daily fantasy sports contests which are similar to prop bets are essentially sports betting.
Source: Senkiw, Brad “Sports Betting Figures in New York Remain Steady Week-Over-Week” Covers, August 24, 2023
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