New York sports betting rebounded from its lowest-volume week of the year, according to the latest report from the state gaming commission.
The eight legal New York sportsbooks took $331.7 million in bets and grossed $37 million in revenue for the week ending May 8, a sharp rise in both figures. The weekly report, perhaps fueled by strong starts by the Yankees and Mets, represents the highest volume since the week ending Jan. 23, just three weeks after New York launched legal mobile sports betting.
The books’ hold rate, or loss rate for gamblers, of 11.2% represents the worst week for gamblers since the Jan. 8 launch. The hold rate the previous week was just 4.4%.
In the May 1 report, the books took $292.5 million in bets and $12.9 million in GGR, both figures representing the lowest volume reported to date.
Overall figures are strong
Overall, New York continues to report robust sports betting action, with the books having taken $6.6 billion in wagers this year for a GGR of $464 million, of which $237 million has gone to the state via taxes used primarily to fund education.
At an iGaming conference Friday, state Sen. Joseph Addabbo, the chairman of the Senate Gaming and Wagering Committee, said New York mobile sportsbooks took in more revenue in three days than the state’s retail sportsbooks have taken in their history.
FanDuel continues to lead the way in New York, last week reporting $135.6 million in handle, or 40.9% of the total state handle, and $9.4 million in GGR. DraftKings reported $78.9 million in handle (23.8% of the total) and $8.7 million in GGR. Caesars reported $52 million in handle (15.7%) and $4.6 million in GGR. The other five active books split the remaining 19.6% of the sports betting market among them.