Latest reports on New York’s online sports betting market, confirm that the week ending on November 12, 2023, was still a busy one. For the said week, the state saw a slight decrease in total betting volume of around 5% from the prior week. However, this led to an increase in profits, which spiked by 16.1% to US$43.9 million from the previous seven-day period.
At the start of the new 2024, the Empire State will be celebrating its second anniversary since the launch of the regulated mobile sports wagering market. The sector allows for a total of nine sportsbooks to offer and accept digital wagers on various sporting events. In its first year, the market produced just over US$900 million in tax revenue from betting and operator licensing fees.
Going Strong in November
New York State Gaming Commission disclosed that for the week concluding on November 12, 2023, the state’s current eight operators contributed to US454.1 million in betting handle. This was a slight decrease of 5% from the previous week. Meanwhile, gross gaming revenue hit US$43.9 million, making the highest weekly tally since the US$60 million for the week of October 15.
Interestingly enough, the November 12 week marked the first full week with no MLB games, leaving the Empire State bettors with NBA, NFL, college football and the NHL to wager on. It also meant four weeks in a row during which the handle remained above the US$450 million threshold. It was also the ninth occasion in 10 weeks that betting volume has been above US$400 million.
There were no surprises, in terms of operators’ performances, as FanDuel again ruled supreme. The sportsbook reported the largest weekly handle of all other operators with US$189.9 million. However, this volume was below the US$200 million mark for the first time in three weeks. Still, the gaming leader saw an uptick in revenue by 4.7% and 11% hold.
DraftKings was again in second with a total betting handle of US$163.8 million, and pre-tax earnings of US$15.3 million. This was a sizeable 50% improvement over last week in terms of GGR. Caesars Sportsbook was in third with a volume of US$48.3 million, followed by BetMGM with US$27.4 million. WynnBET was the only operator to report a loss during the week.
Bally Bet Goes Back Online
After around five months of being offline, New York’s ninth operator, Bally Bet, has recently made its official comeback in the state. The sportsbook went offline in June 2023 to implement new sports betting technology from Kambi Group. But after renewing operations in the Empire State, the online bookmaker now also touts a new player account management platform by White Hat Gaming.
After the revamp, the sportsbook has a highly efficient operations PAM platform, and features a renowned and innovative Traveling Walet Functionality, allowing users to access their accounts across multiple states for a simplified user experience. It also includes marketing support, a proprietary cashier, additional payment methods and options, 24/7 customer support and a comprehensive range of player-protecting tools.
Source: Senkiw, Brad “Weekly Online Sports Betting Handle Stays Above $450 Million in New York” Covers, November 16, 2023