New York Sports Betting Hits A Weekly Low For The Year

Despite relatively light action, the sportsbooks had a good week due to an uptick in their hold rate
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New York just witnessed its lightest week of action since mobile sports betting went live more than five months ago.

For the week that ended June 12, New York bettors risked $248 million in wagers, according to the latest report from the state gaming commission. That is the lowest full weekly total since mobile sports betting launched on Jan. 8. In general, sports betting has slowed while approaching summer, with the Yankees and Mets now the only New York-based major sports teams still playing.

From the launch through the week of April 24, New York bettors produced at least $300 million in handle every full week reported by the gaming commission. New York has reached that volume of sports betting just once in the last seven weeks.

Mobile sportsbooks post strong GGR

On the other hand, it was a relatively profitable week for the eight licensed mobile sportsbooks, which grossed $21.7 million in gaming revenue. That was a major bump from the previous week, when a handle of $270.9 million produced just $10.8 million in gaming revenue. The 8.8% hold rate (or loss rate for gamblers) last week was the highest since the week ending May 8.

New York’s top operator by volume, FanDuel, took $109.1 million in bets last week with gross gaming revenue (GGR) of $8.8 million; DraftKings took $65.6 million in bets with GGR of $6.1 million; and Caesars took $37.1 million in wagers with GGR of $3 million. The other five operators in New York split $36.2 million in wagers and GGR of $3.8 million.

Overall, New York has emerged as the top sports betting state in the country, with a total handle of $7.5 billion in mobile sports bets this year. The next-closest state by volume, New Jersey, has produced $5.1 billion in mobile sports bets this year.

Photo: Shutterstock

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