New York sportsbooks last week took their lowest volume of bets since online sports gambling went legal four months ago.
The eight operators reported a handle of $292.5 million for the week ending May 1, the first time a full week produced less than $300 million of betting action. They grossed $12.9 million in revenue, also the lowest total yet reported since the mobile betting launch on Jan. 8.
The market seems to have settled into a lull after the football and NCAA basketball seasons ended. While six of the 11 weeks since launch have seen betting volume of at least $400 million, the last such week ended on March 20.
New York gamblers bounced back after some weeks in which the sportsbooks had beaten them soundly, as the sportsbooks recorded just a 4.4% hold rate — or loss rate for gamblers — for the most recent week reported.
Despite the recent slowdown, New York has proven a massive sports betting market overall, with a total of $6.27 billion wagered and $427 million in GGR, leading to $217.7 million in taxes for the state to apply to education and other programs.
FanDuel is dominating New York
FanDuel, which had a 14.6% hold rate for the week ending April 24, saw its customers bounce back last week to give the house just a 7% hold rate. FanDuel continued during the week to cement its top spot among operators, taking in $134.6 million in action and reporting GGR of $9.4 million, roughly 79% of the statewide revenue.
DraftKings, with the second-highest volume, did $64.6 million in handle for GGR of $1.4 million. Caesars took $44 million in bets and also showed revenue of $1.4 million. The remaining five operators split the remainder, roughly $700,000 in GGR, among them.
The smaller operators had their lowest GGR since launch, raising a question about the potential for Bally Bet — the only licensed operator that has yet to launch — in a market that has been dominated by the larger companies. Bally Bet officials originally said they wanted to launch sometime in April, but they have yet to do so. Company officials have declined comment when asked about upcoming plans in New York.