The start of the NFL preseason seems to have jump-started the New York sports wagering scene.
New York bettors produced $197 million in sports action for the week ending Aug. 14, the third straight week of increasing volume, according to the latest report from the state gaming commission. That uptick followed five straight weeks of decreasing volume during a summer lull.
The nine licensed mobile sportsbooks in New York combined for gross gaming revenue last week of $21 million, good for a hold rate – or loss rate for gamblers – of 10.7%, a similar number to the previous week.
If the trend continues into the fall, the week that ended July 24 could prove to be the low-water mark for the state, which launched legal, regulated mobile sports betting on Jan. 8. The NFL, which gets its regular season underway on Sept. 8, is easily the most popular sports league in the U.S., so the upward trend has a great chance of continuing.
New Yorkers on record gambling pace
New York bettors have placed $9.73 billion in sports bets since legalization, with a GGR of $722 million and a hold rate of 7.4%, as the state has easily become the sports betting capital of the U.S.
Running Top 10 #SportsBetting handles 2022 YTD by state (thru July in CAPS):
1 NEW YORK $9.39B
2 NEW JERSEY $6.31B
3 Illinois $4.75B
4 Nevada $4.38B
5 PENNSYLVANIA $3.9B
6 Arizona $2.72B (thru May)
7 MICHIGAN $2.7B <-NEW
8 Colorado $2.59B
9 INDIANA $2.52B
10 Virginia $2.4B
— Chris Altruda (@AlTruda73) August 18, 2022
July marked the first time since mobile sports betting went live in the state that New York bettors failed to hit the $1 billion mark in monthly handle. Betting volume for the month came in at $800.8 million, less than half the all-time monthly high. The volume of legal sports betting in New York declined for five straight months as of the end of July.
The market leader in New York, FanDuel, saw its handle dip slightly last week. The sportsbook took $82.6 million in bets (42% of all wagers) in the state last week with a GGR of $19.6 million. Meanwhile, DraftKings saw a small uptick, taking $57.2 million (29%) in bets with a GGR of $4.9 million, and Caesars Sportsbook handled $26.4 million (13.4%) in bets and had GGR of $2.7 million.