New York’s sports gamblers had a bad week.
The state’s mobile sportsbooks reported a handle of $312.2 million for the week ending April 17 and gross gaming revenue of $33.2 million. That equates to a “hold rate,” otherwise known as the loss rate for gamblers, of 10.6%, easily the highest since mobile sports betting became legal in the state on Jan. 8. The previous best week for the sportsbooks was a 9.2% hold rate for the week ending March 6.
Also of note in the latest report from the New York Gaming Commission: That handle represents the second-lowest full week of betting volume since launch. The last four weeks have had the lowest handles since launch, not necessarily surprising given the end of the NFL season in February and the end of college basketball in late March.
The most robust week of gambling in New York ended Jan. 23, deep into the NFL playoffs, with a handle of $572.6 million. All told, New Yorkers have legally wagered $5.6 billion since launch, with GGR of $375.9 million. That equates to a hold rate of 6.7%.
FanDuel users take heavy losses
The increase in profit for the sportsbooks could be a reflection of diminishing promotions being offered as the legal sports betting market moves further from launch. Early in the legalization process in many states, companies compete for customers by advertising heavily and offering big promotions that can lead to losses for operators.
FanDuel, which has become the most-used mobile sportsbook in New York, had a particularly good week, reporting $131.8 million in handle and GGR of $22.1 million for a hold rate of 16.8%. DraftKings, the No. 2-volume book, had $72.1 million in handle and $5.8 million in GGR for a hold rate of 8%. Caesars, which has settled into third position, had $49.9 million in handle and a GGR of $3.4 million for a hold rate of 6.8%.
The other five operators currently taking bets in New York collectively reported $58.4 million in handle and GGR of $1.9 million for a hold rate of just 3.3%.