With NFL Regular Season On Horizon, New York Sports Wagering Continues Rebound

Handle has increased for four straight weeks after a five-week decline
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A late-summer rebound in mobile sports betting in New York reached a familiar perch.

New York bettors risked $200.1 million for the week ending Aug. 21 in the latest weekly mobile sports betting report from the state gaming commission, the highest handle since the week ending July 3. That marked four straight weeks of increasing volume after a five-week decline.

While volume hasn’t returned to the heights reached in the earliest weeks after the Jan. 8 launch, driven by NFL postseason games and followed by March Madness, it appears to be headed in that direction. From the week ending Jan. 16 through the week ending April 24, weekly handles reached at least $300 million.

High hold rates continue

Sports bettors didn’t have a particularly fruitful week in New York, as the nine mobile sports betting operators had a win rate of 12.2%, continuing a trend of high hold rates in the state.

FanDuel, the market leader, had a particularly strong week at its customers’ expense, with $12 million gross gaming revenue (GGR) on volume of $85.5 million for a hold rate of 14%. FanDuel has seized roughly 45% of the New York sports betting market.

With NCAA football kicking off with a handful of games Saturday and the NFL starting its season on Sept. 8, New York could once again be headed for weekly handles of $300 million or more.

The state continues to lead the nation when it comes to sports betting, reaching the precipice of $10 billion in total handle. All told, the nine legal operators in New York have taken $9.93 billion in bets since launch, with GGR of $746.8 million and a hold rate of 7.5%. Furthermore, New York operators have taken nearly twice the volume of bets as their counterparts in New Jersey, the previous national leader.

Three operators have seized about 80% of market share in New York. After FanDuel, DraftKings ranks second with a total of $2.5 billion in handle (25%), followed by Caesars Sportsbook, which has taken $1.98 billion in bets (20%) since launch.

Photo: Shutterstock

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