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NY Online Sports Betting Cools Off in November

After a strong October of mobile sports betting, New York has now reported that weekly wagering volume and revenue have decreased. According to reports from the New York State Gaming Commission, betting handle and gross gaming revenue for the week of November 13, 2022, were US$339 million and US$31.3 million respectively. Both are down from the prior weekโ€™s tally.

In less than two monthsโ€™ time, New York will celebrate a year of online sports betting. But despite its infant age, the market has already transformed into the top legal mobile sports wagering jurisdiction in the U.S. Since its launch the nine regulated operators have generated tax revenue of more than US$500 which was reinvested into education and youth sports.

Numbers Cool Down

On Thursday, the New York State Gaming Commission released its latest weekly report on the local internet sports betting model. The report confirmed that for the week that ended on November 13, 2022, the digital sportsbooks handled a total of US$339.9 million in wagers. This was a slight decrease of 3.8% in comparison to the US$353 million from the prior week.

Meanwhile, the decline in revenue was significantly higher for the week of November 13. The sportsbook accumulated gross gaming revenue in the size of US$31.3 million. This was a 20% decrease in comparison to the previous weekโ€™s total. This translated to a hold of just 9.2% for sportsbooks, which is the second-lowest weekly win rate since the start of the NFL season in September.

In terms of operators, they were affected by the decrease in revenue and handle, as just WynnBET and Resorts WorldBET reported an increase in volume and only Resorts WorldBET saw a boost in revenue. Meanwhile, FanDuel once more ruled supreme for the said week. The operator handled the most wagers โ€“ US$140.1 million and got the most revenue โ€“ US$17.3 million out of its counterparts.

DraftKings was again second-best, and the company reported a weekly volume of US$111.1 million which was a 5.9% drop and revenue of US$7.9 million which was a 27.5% decline. Caesars Sportsbook was third yet again, with US$43.7 million in handle and US$3.2 million. Meanwhile, Bally Bet was the only online brand to suffer a loss for the week.

Record-Setting October

As already noted, the month of October was quite prolific for the Empire State in terms of mobile sports betting. For the month, the nine online sportsbooks generated over US$145 million in gross gaming, which is the largest monthly GGR since launch. Currently, revenue is taxed at the hefty 51%, which renders to over US$74.3 million in tax revenue for the state.

The strong performance in October also helped the state in clearing another major online sports wagering milestone. Octoberโ€™s financial numbers have now pushed the total tax revenue since launch over the US$500 million mark. At the time, the state had generated US$542 million in tax revenue, making it the highest-earning among any other jurisdiction in the country.

Source: Hochman, Jared โ€œNew York Weekly Sports Betting Figures Sees Dip in Both Handle and Revenueโ€ Covers, November 17, 2022