New York’s Mobile Sports Betting Shows Its Lowest Volume Yet

Combined weekly handle of mobile sports operators dips below $300 million a second time
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New York sports betting has begun a period of tapering off, it would appear.

For the week ending May 15, the most-active sports gambling state in the country reported its lowest volume of action since mobile sports betting went live on Jan. 8. Figures from the New York State Gaming Commission show the eight online sportsbooks reported $286.2 million in handle, breaking the low-water mark from two weeks previous (also the only other week below $300 million). The weekly gross gaming revenue was $31 million, good for a hold rate — or loss rate for gamblers — of 10.8%.

Action has abated since the heady early months of sports betting in New York, which were fueled by the NFL playoffs and March Madness. New York had sports betting volume of at least $350 million every week from launch until March 20, but it has failed to hit that mark for nine straight weeks.

FanDuel has 42% of market share

Overall, the New York books have taken $6.9 billion in wagers and obtained gross gaming revenue of $493.2 million, providing roughly $251.5 million in taxes for the state to apply to education and other programs.

The market leader in New York, FanDuel, reported a weekly handle of $120.2 million (roughly 42% of the market) and a GGR of $17.6 million. The No. 2 operator, DraftKings, reported $71.7 million in handle and $6.3 million in GGR, and Caesars reported $45.4 million in handle and $3.1 million in GGR.

The other five operators — BetMGM, PointsBET, WynnBET, and Resorts World — divided up the remaining $48.9 million in handle, roughly 17% of the action.

Photo: Shutterstock

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