New York Super Bowl Bettors Big On Volume, Moderate In Losses

Sportsbooks saw heavy wagering in week including the game, but relatively low hold percentage
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New Yorkers apparently fared pretty well in their Super Bowl bets.

The state that has rocketed to the top of the heap when it comes to mobile sports gambling volume demonstrated its savvy in picking winners, judging by the latest numbers released by the New York State Gaming Commission.

For the week of Feb. 7-13, ending with Super Bowl Sunday, the seven sportsbook operators in the state booked $472,136,168 in total handle, the second-highest mark since mobile sports wagering launched in the state on Jan. 8. That massive volume yielded just $15,393,979 in gross gaming revenue, however, the second-lowest weekly total since launch.

The gaming commission didn’t break out Super Bowl numbers from the remainder of the sports betting, but it seems safe to say New Yorkers did relatively well in their Super Bowl bets. The percentage of handle that yielded revenue for the books — also known as the “hold,” or the loss rate for New York gamblers — was 3%, easily the lowest since launch.

Outperforming neighboring states

That 3% in losses was less than what has shown up in other states reporting revenue numbers specific to Super Bowl betting. Neighboring New Jersey and Pennsylvania, for example, both had hold rates of at least 5% among their sportsbooks.

Of course, whether that’s good or bad all depends on your perspective. The worse New Yorkers do in their bets, the more money the state banks for education. With a 51% tax rate, New York netted about $7.95 million in taxes from mobile sports wagering last week. About 98% of those tax dollars go to education, with the rest earmarked for problem gambling and youth sports programs.

The Los Angeles Rams defeated the Cincinnati Bengals 23-20 in Sunday’s Super Bowl, but the Bengals covered the spread, which was between 3.5 and 4.5 at most books.

Breakdown by sportsbook

FanDuel did the most robust volume in New York last week, generating $175.4 million in handle, but reported gross gaming losses of $2.7 million. Second was DraftKings with $121.5 million in volume and a bigger positive GGR of $11.3 million.

Caesars continues to see its share of the New York market slip. The company, which initially grabbed the greatest share of handle, reported $107.2 million in handle and $5.8 million in GGR last week. BetMGM was another operator reporting a loss, with $43.3 million in handle and -$362,488 in GGR.

Two books, PointsBET and BetRivers, reported modest wins from handles slightly over $10 million, and WynnBET made about $174,000 on handle of $1.1 million. Two other licensed books, Resorts World and Bally Bet, have yet to launch operations in New York.

In its first five weeks of operations, New York’s mobile sports betting has now generated $2.46 billion in handle.

In a conference call Friday to discuss his company’s earnings, DraftKings CEO Jason Robins said the company acquired over 300,000 users in New York in the first 30 days of operations, which was 2.3 times the average of other states in their first 30 days on a population-adjusted basis.

Photo: Kareem Elgazzar/USA TODAY

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