On Friday, January 6, 2023, the New York State Gaming Commission issued its latest weekly report on the local mobile sports betting market. For the week, that concluded on January 1, 2023, weekly numbers demonstrate a solid end of 2022, as well as a strong kick-off of the new calendar year. For the said week, online sportsbooks handled more than US$410 million in wagers.
The Empire State’s mobile sports betting officially began a year ago on January 8, 2022, and it has already surpassed expectations. The local market allows for nine private sportsbooks to operate in the sector, transforming the state’s regulated online sports betting model into one of the most successful ones across the other regulated jurisdictions in the U.S.
Starting 2023 on the Right Foot
Last week, the New York State Gaming Commission, which oversees the online sector, reported that for the seven-day period which ended January 1, 2023, operators handled US$410.8 million in wagers. This is a significantly larger betting volume than the previous week’s one with US$352.6 million in wagers and the highest weekly numbers since late November 2022.
Meanwhile, the CA$410.8 million weekly handle has translated to only US$23.9 million in gross gaming revenue for the nine digital sportsbooks. This number is substantially lower than the previous week’s one where GGR hit US$37.8 million. Operator hold for the week of January 1, 2023, was a mere 5.8%, meanwhile, hold for the prior week was 10.7%.
In terms of operators’ numbers, FanDuel was once more the top sports betting app in the state with over US$160.2 million in wagering volume for the week. However, it generated only US$12.4 million in gross proceeds. Second in terms of performance was again DraftKings, as the online bookmaker collected a handle of US$126.5 million and US$7.1 million in gross gaming revenue.
Third for the week was Caesars Sportsbook, which accumulated US$53 million in online wagering volume and US$2.7 million in proceeds. However, there were changes in the rankings as PointsBet overcame BetMGM in handle, as it reported US$29.8 million in handle and just US$150,057 in GGR. BetMGM got the fifth largest handle with US$27 million but with US$1.2 million in revenue.
Mobile Sports Betting Prediction for 2023
Despite the strong start of 2023, gambling experts from the industry predict that New York State’s online sports wagering market will now reap the same success in 2023. Each month of 2023 is projected to fall just short of the 2022 totals, resulting in a total wagering handle of US$13.9 billion. And based on an average hold of 7.5% for sportsbooks, they are expected to earn US$1.04 billion in GGR.
Meanwhile, in December 2022, state Assemblyman Gary Pretlow, D-Mount Vernon, hosted a hearing in Albany to learn and discuss how the introduction of mobile sports wagering has affected the state’s budget. The committee is interested in reviewing the overall economic impact of the new legal option and its effect on the New York State Budget.
Source: Zochodne, Geoff “New York Reports New Year’s Sports Betting Surge”, Covers, January 6, 2023