Sports Betting Volume Hits Another Weekly Low In New York

Baseball the only active major sport during standard summertime doldrums
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Mobile sports betting has hit a midsummer low in New York.

The state’s nine licensed mobile sportsbooks reported $190.2 million in total handle for the week ending July 10, marking a new weekly low since legal, regulated sports betting went live in the state on Jan. 8. Friday’s revenue release by the New York State Gaming Commission marked the first time New York bettors failed to hit the $200 million mark in a week.

Gross gaming revenue for the week was $27 million for a hold rate of 14.2%, one of the strongest weeks for the house – and worst weeks for New York bettors – since launch.

Until May 1, New York had always produced weekly handles of at least $300 million, but the summer – with only one of the four major U.S. sports in action – has produced lower volume. The total handle hasn’t eclipsed $300 million since May 8. The Major League Baseball All-Star break is next week, meaning there will be no games with implications for the standings until Thursday, so the new weekly low may not last long.

Overall, New York has proven a remarkably high-volume state for sports betting, with $8.83 billion in wagers made since launch and $639.9 million in gross gaming revenue (GGR). FanDuel, DraftKings, and Caesars have grabbed roughly 90% of the market since launch, with the other six operators splitting up the rest. Bally Bet became the ninth licensed operator to launch when it went live last week.

Photo: Shutterstock

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