Sports Betting Volume Hits A Low For Fifth Straight Week

New York has seen sports betting revenue settle into a summer lull
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Football season can’t get here soon enough for New York’s nine mobile sportsbooks.

The books combined for $149.7 million in handle for the week ending July 24, according to the latest report from the New York gaming commission. It was easily the lowest weekly total since New York launched legal mobile sports betting in early January. In fact, the weekly handle in New York has declined for five straight weeks while hitting record lows each time.

The decline in action comes amid a relatively quiet sports schedule, with three of the four major sports idle. Last week was the Major League Baseball All-Star break, meaning no regular games were played Monday through Wednesday.

Until May 1, New York bettors had produced at least $300 million in handle every week since the Jan. 8 launch. Only once, in the week ending May 8, have they hit the $300 million mark since then.

Sports betting volume should pick back up in late August, with the start of the NFL preseason and NCAA football, and then figures to re-ignite with the kickoff of the NFL regular season on Sept. 8. New York’s highest weekly volume to date, $572.6 million, came during the week ended Jan. 23 that included four NFL playoff games,

Hold rate increases

The books had a relatively strong week in terms of hold rate, with $12.3 million in gross gaming revenue (GGR), which equates to a loss rate by New York sports gamblers of 8.2%. That was a big uptick from the previous week, when New Yorkers bet $183.9 million on sports and lost at just a 3.4% rate.

The clearest beneficiary of the legalization of sports gambling in New York has been the state government, which has taken in $335.8 million in new taxes, the vast majority of which is earmarked for education. Since launch, New York has produced a total handle of $9.16 billion in legal sports bets.

FanDuel, DraftKings and Caesars Sportsbook control nearly 90% of the legal sports betting market in New York, with six other operators — WynnBET, PointsBet, BetMGM, Resorts World Bet, BetRivers and Bally Bet — dividing up the rest.

Photo: Shutterstock

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