Sports Betting In New York Has Leveled Off

The sportsbooks' hold rate dipped last week amid a trend of lower weekly volumes
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New York sports bettors picked up their performance last week, limiting the mobile sportsbooks’ take to 5.08%, the lowest hold rate for the operators in nearly a month.

The New York State Gaming Commission’s weekly numbers for the week ending May 29 show that the eight licensed operators in the state collectively took $271.9 million in sports bets and retained gross gaming revenue of $13.8 million. The previous week, the mobile sportsbooks won at a 9% rate on a handle of $261.1 million.

As a result of a better week by New York bettors, the state saw its share from the sportsbooks’ winnings decrease to $7.06 million in taxes, the lowest haul since May 1. New York uses 98% of its tax revenue from mobile sports betting to help fund education, with the rest designated for problem gambling and youth sports programs.

The volume of sports betting in the state has plateaued over these final weeks of spring, with handles under $300 million for the past three weeks and four of the past five. The weekly handle for the state didn’t dip below that mark from the Jan. 8 launch through April 24. Typically, sports betting volume is greatest during the NFL season and around March Madness.

FanDuel controls nearly 40% of the market

One of the smaller operators in the state, Resorts World, took a loss last week, paying out $103,505 to its customers on a handle of $1.7 million. The loss was the first Resorts World has taken since it launched in early March.

FanDuel, the market leader in New York, took $121.6 million in wagers with a GGR of $8.4 million for the week, good for a hold rate (or loss rate for gamblers) of 6.9%. DraftKings took $71.1 million in bets for a GGR of $1.9 million and a hold rate of 2.7%. Caesars took $38.6 million in bets for a GGR of $1.6 million and a hold rate of 4.1%.

FanDuel has taken $2.9 billion in wagers since it launched in New York, good for 39% of the $7.4 billion in total handle for the state.

Photo: Shutterstock

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