After a slow summer and low volume of online sports betting, New York State is now showing signs of potential recovery. Just recently, the New York State Gaming Commission released its latest weekly report on the internet market, which has managed to generate a handle of almost US$197 million. This is an improvement on the previous week for the third time in a row.
The state’s mobile sports betting market had a flying start back in January 2022, and it quickly surpassed its U.S. counterparts in terms of betting activity. The local administration has given the go-ahead to a total of nine sportsbook operators to go live in the market. And after the recent launch of Bally Bet, all of the apps are now up and running within state borders.
Volume Starts to Move Up
On Thursday, August 18, 2022, the New York State Gaming Commission issued its report for the week that concluded on August 14, 2022. For the said week, the nine mobile sportsbooks managed to collect nearly US$197 in online betting volume, which is a minor improvement on the previous week’s results. However, it is another step in the right direction.
The summer season has been quite slow on the mobile sports betting market, but that is primarily due to the fact that many leagues are in their off-seasons and bettors do not have many games to wager on. However, the week of August 14 has been the third in a row that the state has seen an increase in weekly handle.
According to the regulator, for the said week, gross gaming revenue hit approximately US$21.1 million, which is a slight boost from the prior week’s US$20.9 million and translates to a hold of 10.7% for operators. The increase in volume can be accredited to the start of the NLF’s preseason, which kicked off during the week of August 14, 2022.
In terms of operators’ performance, the charts are still headed by FanDuel which again accumulated the largest betting handle with US$82.6 million in handle and US$10.5 million in GGR. DraftKings was again second in terms of handle with US$57.2 million in total wagers for the week, and revenue of US$4.9 million. And Caesars Sportsbook was third with US$26.4 in volume and US$2.6 million in revenue.
Lawmakers are Not Done
After the introduction of mobile sports betting this year, Empire State lawmakers are seeking even further improvements to the industry. Recently, New York Assemblyman J. Gary Pretlow, who had a major part in mobile sports betting, said that he is looking to legalize online gaming in the state, and introduce a phone line for when players encounter issues on digital sportsbooks.
According to a report from VIXIO GamblingCompliance, the introduction of iGaming will prove to be quite beneficial for the state. As early estimations project that could be bringing around US$428 million every year. It is also expected that the new offering will quickly outperform the state’s online sports betting market as many gamblers will be looking forward to it.
Source: Geoff, Zochodne “New York Sports Betting: Back in an Upwards Groove?”, Covers, August 18, 2022