New Yorkers Continue Robust Online Sports Betting In Super Bowl’s Wake

Caesars continues to see its share of the market slide while planning to cut back on ads
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The end of the NFL season didn’t particularly dampen New Yorkers’ appetite for sports betting.

New Yorkers placed $353.4 million in bets the week ending Feb. 20, producing gross gaming revenue (GGR) of $25.4 million, according to the latest numbers released Friday by the state gaming commission. That GGR ranks fourth out of the seven weeks since regulated mobile sports wagering launched on Jan. 8, just in time for the NFL playoffs.

FanDuel continues to hold the top spot in New York, with $130.6 million in handle last week and $12.3 million in GGR.

Caesars, on the other hand, continues to see its position in New York slip. It had its smallest handle since launching in New York, with $65.8 million in bets taken and $4.2 million in GGR. The company, which seized the top spot among mobile operators in the early weeks after launch, announced it will curtail its advertising spending in the state, a move that will cut costs but could further reduce its market share.

DraftKings cemented its second-place status in New York by doing $93.9 million in handle and $4.5 million in GGR last week. BetMGM did $39.1 million in handle and $2.1 million in GGR.

PointsBet had $13.8 million in handle and $1.6 million in GGR, while BetRivers ($8.8 million in handle and $536,000 in GGR) and WynnBet ($1.5 million in handle and $212,000 in GGR) rounded out the list.

New Yorkers’ loss rate ticks up

The sportsbooks bounced back after a relatively unprofitable Super Bowl week in New York, in which FanDuel and BetMGM reported net losses. All seven operators were in the black for the week ending Feb. 20. The overall hold, or loss rate for New York gamblers, was 7% last week compared to 3% in the week that ended with Super Bowl LVI, in which the Los Angeles Rams beat the Cincinnati Bengals 23-20.

The raw volume of sports betting in New York continues on a record-setting pace. Since launch, New York sportsbooks have taken in $2.8 billion in wagers with GGR of $179.3 million.

The state’s 51% tax rate thus has yielded $91.4 million in revenue for the state in addition to the $175 million in licensing fees initially collected. From taxes, 98% goes to education with the remainder funding programs tied to problem gambling and youth sports.

Photo: Shutterstock

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