After the slight cooling off of mobile sports wagering volume, New York is again reporting an increase in its weekly handle. Most recently, the state reported a handle of US$335.8 million in total online bets for the week that concluded on April 10, 2022. This was a spike over the previous two weeks, which had handles of US$312.1 million and US$327.8 million respectively.
The Empire State’s mobile sports betting sector is a rather infant one, as its official launch was in January this year. Despite, its brief period of operations, the jurisdiction has quickly turned into one of the top mobile sports betting locations in the country, and even breaking several iGaming records. The state has licensed a total of nine providers to operate in the market.
Handle Rises Again
The increase in online wagers can be explained by the end NCAA Tournament, which has certainly attracted plenty of bets from local sports bettors. For the week, that ended on April 10, 2022, the state reported a total of US$335.8 million in online handle. However, out of its only US$12.9 million went to gross gaming revenue, which is the lowest weekly total since the January launch.
For the said week, FanDuel again led the race for the largest betting volume as it generated US$142,036,677 while collecting US$7,956,295 in gross gaming revenue. The second was DraftKings and its app collected over US$83,517,552 of the total bets. Thus, translating it into US$2,444,567 of revenue. Caesars Sportsbook was third with US$49,359,984 in handle and only US$694,637 in gaming proceeds.
MGM Resorts’ BetMGM got to fourth in terms of total online wagering handle, as it amassed US$36,251,500, which renders into US$1,202,925 of gross gaming revenue. PointsBet is in fifth with over US$12,564,239 in betting volume, and US$23,150 in proceeds. BetRivers accrued US$9,254,761 and US$413,504 in revenue, while WynnBET and Resorts WorldBET got respectively US$1,889,788 and US$180,857 in handle.
Since the beginning of the online market on January 8, 2022, through April 10, 2022, the eight sportsbook apps have managed to accumulate over US$5.3 billion in total wagering volume. This translates to US$342.7 million in total GGR, and over US$174.8 million in tax revenue for the state, as calculated via the 51% tax rate on gaming revenue.
One More to Go Live
So far, eight of the total nine operators have gone live in the Empire State’s mobile sports betting regime. The only entity that has not yet made its debut is Bally Bet. A few months ago, the company’s Chairman Soo Kim informed that the launch will be delayed into April this year, as the sportsbook does not want to compete against large welcome bonus promotions.
Downstate Casinos Initiative
In addition to its online gambling expansion, New York will also soon expand its land-based gaming industry. At the start of the month, state legislators have officially included the fast-tracking of downstate casino licenses in the new budget. This move would accelerate the issuance of the three licenses by at least a year, and bring in more gaming revenue to the state and its economy.
Source: Mazzeo, Mike “NCAA Tournament Title Game Provides Slight Increase In NY Online Sports Betting Handle”, PlayNY, April 18, 2022