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Geoff Zochodne | July 15, 2022
The amount of online sports betting in New York keeps shrinking — but bookmakers still seem to be doing all right for themselves.
Figures released Friday by the New York State Gaming Commission show online sportsbooks handled $190.2 million in bets during the week ended July 10, the lowest total yet for a full week of wagering.
New York’s mobile handle has been trending downwards for some time now, keeping in step with the sleepier schedule of sporting events. However, the only other time wagering was so low in the state was the week of January 9, when online sports betting first launched in the state and was only live for two days.
Revenue stays strong
Nevertheless, New York’s nine online bookmakers appear to be cranking out a consistent level of revenue, 51% of which has to be turned over to the state because of its relatively high tax rate.
Gross gaming revenue from mobile sports betting was $27 million for the week ended July 10, good for a 14.2% hold for New York operators. Both figures were up from the previous week, when revenue was $20.2 million and the win rate was 9.5%.
FanDuel was the top online operator in the state in terms of handle for the week ended July 10, as the bookmaker took $80.2 million in online bets and generated $13.8 million in revenue. Second was DraftKings, with $52.1 million in handle and $6.1 million in revenue.
The week ended July 10 was also notable because it was the first week of New York operations for Bally Bet. The online sports betting arm of Bally’s Corp. had a quiet debut, though, taking just $67,941 in mobile wagers for the week and generating $17,052 in revenue.
Online Sports Betting in New York Keeps Shrinking as Weekly Wagering Slips Below $200M
