Weekly New York Sports Betting Volume Starting To Pick Up Again

Handle rose for the second straight week, a pattern likely to continue as football season nears
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New York is seeing a late-summer uptick in sports betting volume just in time for the start of the NFL season.

After five straight weeks of declining weekly revenue, the week that ended Aug. 7 saw New York bettors legally wager $194 million, giving the state a two-week run of increasing sports betting handle. The gross gaming revenue (GGR) for the week, however, $20.9 million, was actually lower than the previous week, as the hold rate — or loss rate for gamblers — declined to a still-robust 10.8%.

The nine mobile sportsbooks licensed in New York must pay the state $10.7 million in taxes out of that GGR. The tax rate on mobile sports betting in New York is 51%, tied for the highest rate in the nation.

All data is courtesy of the New York State Gaming Commission’s latest weekly report.

If the trend holds and betting volume continues to up, the low-water mark in New York since the Jan. 8 launch of legalized mobile sports betting will have been the week ending July 24, when New Yorkers legally wagered $149.7 million on sports. The lowest GGR for a week came in the week ending July 17, when the operators took in $6.2 million.

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 in betting likely will continue in the fall. NCAA football kicks off on Aug. 27, followed by the start of NBA and NHL training camps.

Overall, betting volume in the state is strong

New York sports betting has produced massive volume in its first seven months, with $9.5 billion in bets taken for a GGR of $702 million, resulting in $358 million in tax revenue for the state.

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 increase in line with the statewide numbers. FanDuel took $84.1 million in bets (43.3% of all bets) in the state last week with a GGR of $9.9 million. DraftKings took $54.8 million (28.2%) in bets with a GGR of $5.4 million. Caesars Sportsbook handled $27.8 million (14.3%) in bets and had GGR of $2.6 million.

Photo: Shutterstock

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