New York reports another slow week of online sports wagers for the seven-day period ending on August 13, 2023, confirming again that the summer is rather sluggish for its market. For the week, the New York State Gaming Commission published a total handle of U$223.75 million and gross gaming revenue of US$21.3 million. Both are a decrease from last week.
The Empire State saw the start of its mobile sports betting sector on January 8, 2022, which allows for nine private sportsbooks to accept and offer legal online bets on various sporting events. Currently, there are eight online due to Bally Bet going offline. The operator will use the downtime to revamp its platform and should be online soon.
Latest Numbers from the Online Sector
In its latest report, NYSGC revealed that for the week ending on August 13, 2023, the eight active operators took in approximately US$223.75 million in wagering volume. This was a drop of 29.5% from the previous week. Meanwhile, gross gaming revenue suffered a major 51% drop from the previous week to the US$21.3 million reported from the commission.
The drop off can be accounted for DraftKings’ performance as the operator went from having a weekly handle of US$161.4 million for the week of August 6, 2023, to just US$75.9 million and US$6.8 million in proceeds. In the meantime, its competitor, FanDuel generated weekly revenue of US$105 million from a total betting volume of US$87.4 million and a win rate of 12%.
For the week of August 13, 2023, operators reported a combined hold of 9.5%, an improvement over the 8.1% from the last week. Sportsbooks saw an increase of wagers by 13% over the same period in 2022, while revenue was quite similar. Also, Caesars Entertainment, which recently launched Caesars Racebook experienced an 8% drop in volume to US$2.4 million and revenue to US$2 million.
Next on the list, BetMGM reported similar results to the previous week, as it clocked a more oversized handle of US$19.5 million from the previous one of US$14.03 million. Still, its gross proceeds hit US$1.2 million. WynnBET recorded a hold of merely 3% from a handle of over US$1.9 million, while PointsBet got a 3.4%-win rate and a handle of US$3.58 million.
Regulator Provides a Verdict on Prop-Style Fantasy
At the start of August 2023, the gaming commission also gave its verdict on prop-style fantasy offerings. In a register update, the regulator denied a commenter’s request to change Daily Fantasy Sports rules to allow pick ’em-style player games. It argued that daily fantasy sports contests which are similar to prop bets are essentially sports betting.
A commenter opposed the suggested Rule 5602.1(a)(4), which would make explicit that contests should not be based on proposition betting that has the effect or is similar to proposition betting. NYSGC says a contest offering that is essentially sports betting, which is authorized for licensees and regulated pursuant to Racing Law Article 13 cannot properly be characterized as IFS since an operator labels it as such.
Source: Senkiw, Brad “DraftKings Falls Off in New York’s Latest Weekly Sports Betting Figures” Covers, August 17, 2023
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