A summer-long trend of declining sports betting volume in New York has reached a new low, at least for the moment.
The nine licensed mobile sportsbook operators in the state produced combined handle of $183.9 million for the week ending July 17, the lowest weekly volume of action since New York launched mobile sports betting on Jan. 8, per the latest gaming commission report. The record might not last long, as this week is widely viewed as the quietest sports betting period of the year, with the only major U.S. team sport that’s active, Major League Baseball, pausing Monday through Wednesday for its All-Star break.
The weeks ending July 10 and 17 are the only two since legalization in which New Yorkers failed to make at least $200 million in mobile sports bets. The weekly handle has declined for four straight weeks.
Billion-dollar streak in jeopardy
New York bettors had a relatively good week at the expense of the house. Gross gaming revenue (GGR) for the week was $6.2 million, representing a hold rate for the operators — or loss rate for bettors — of just 3.4%, among the lowest since launch.
Overall, New York has proven a remarkably robust sports betting state. The Empire State last week eclipsed the $9 billion mark for total handle and has cleared $646.2 million in GGR, netting the state $329.6 million in tax revenue to be used mostly for education. FanDuel, DraftKings, and Caesars have combined to grab nearly 90% of the market share since launch.
New York will be hard pressed to extend its streak of reaching at least $1 billion in betting volume each month since launch when July’s numbers are released. June saw $1.06 billion in volume, the lowest monthly handle yet reported.
New York has comfortably sat atop the national handle rankings every month of 2022, and June’s numbers moved it ahead of Indiana into fifth place for all-time handle in the post-PASPA era behind New Jersey, Nevada, Pennsylvania, and Illinois.