The return of NFL, college football, NHL, and NBA, has most certainly revitalized New York’s online sports betting market, as operators post another impressive week of wagering activity. New York State Gaming Commission’s latest numbers confirm that for the week ending on December 17, 2023, online bookmakers have recorded another handle above US$500 million.
Soon the Empire State will mark two years since the official start of the legal mobile sports betting market and it has been quite the ride. In the first 12 months, the sector produced over US$700 million in tax revenue and another US$200 million in licensing fees. These funds will be used to battle problem gambling and support education and youth sports.
December 17 Report
For the week ending on December 17, 2023, New York’s nine sports wagering operators reported a combined betting volume of US$502.2 million. This is the fourth time since late October 2023 that bookmakers have posted above the US$500 million threshold. It was also just the fourth time that the state has eclipsed this volume since the start of the market in January 2022.
The latest weekly volume is a 22.4% improvement over the previous week and the 10th week in a row with a handle above the US$400 million mark. However, despite the heavy betting volume, operators saw their hold drop from 13.9% to 8.3% in the December 17 week. Meanwhile, gross gaming revenue hit US$41.8 million from US$58.9 million in the prior seven-day period.
DraftKings reached a significant milestone, as the sportsbook posted a total betting activity of US$218.1 million. This was the first time it produced a weekly handle of over US$200 million. It also ended FanDuel’s streak of 11 rows in a row with the operator with the most betting volume. But its revenue dropped to US$18.1 million or 10% lower than last week.
FanDuel reported a betting volume for the week of US$183.4 million while clocking US$19.9 million in pre-tax proceeds. Caesars Sportsbook had the third highest handle with US$43.6 million, while BetMGM with a handle of US$35.6 million reported a loss of US$162,998. WynnBET also concluded the week in the red, which was the fourth time in the last six periods.
Bally Bet which is online once again in the state, after finally making its return in mid-November 2023 with a revamped offering, posted total wagering activity for the week of U$$1,326,685. However, despite the integration of new tech from Kambi Group, the sportsbook still reported a loss for the week of December 17, 2023, with minus US$691,529.
Penn Entertainment Looks for Entry
In the meantime, Penn Entertainment which recently launched its ESPN Bet, is looking for ways to debut the app in the Empire State’s market. This could happen if state lawmakers vote in favour of allowing more licenses, or if the company waits patiently for one of the existing sportsbooks to exit. Another avenue would be to purchase an existing license, but it would be a quite difficult task.