Mobile Sportsbooks Set Record Hold Rate Two Weeks In A Row

New York gamblers take it on the chin again in sports wagering
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For the second straight week, New York mobile sportsbooks set a record for hold rate, with the house winning at a whopping 10.9% rate for the week ending April 24.

The previous week, the sportsbooks reported a 10.6% hold rate, which had been the highest since the state launched mobile sports gambling on Jan. 8. The New York State Gaming Commission reported a handle of $334.5 million and gross gaming revenue of $36.5 million in the newest weekly report released Friday.

The New York sports betting market overall has simmered down since the initial frenetic weeks fueled by the launch, the NFL postseason, and March Madness, though the latest report indicated a slight uptick in activity. The handle represented the most robust volume of sports betting since the week ending March 20, when the NCAA Tournament was in full swing. It may have been fueled by strong starts for the Mets and Yankees.

Six of the first 10 full weeks of sports betting saw New York eclipse the $400 million mark in weekly handle, a threshold it hasn’t reached since March 20.

Prior to the past two weeks, the books’ best week against bettors was the one that ended March 6, when they reported a hold rate of 9.2%.

Larger books are taking control

Overall, the volume of sports betting in New York has been staggering. Since launch, the books have reported $5.98 billion in handle and a GGR of $351 million, producing $179 million in taxes earmarked primarily for education.

FanDuel customers had another rough week of betting, with the No. 1 operator in New York reporting $145.3 million in handle and $21.2 million in GGR for a hold rate of 14.6%. DraftKings, No. 2 in New York, reported $78.2 million in handle and $7.2 million in GGR for a hold rate of 9.2%. Caesars produced $54.2 million in handle and a GGR of $3.9 million, a hold rate of 7.2%.

If the major operators are looking to bleed out the smaller fish, it appears to be working. The other five sportsbook operators in the state divided among them $56.8 million in handle and GGR of $4.2 million. The handle of the smaller operators has been diminishing in recent weeks, which could raise red flags for Bally Bet, which initially announced plans to launch in New York sometime in April but has yet to go live.

Photo: Shutterstock

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