New York reports that its online sports betting market has taken another breather in terms of wagering volume. It was recently revealed by the New York State Gaming Commission that for the week ending on April 16, 2023, the sector saw a betting volume of US$321 million. This was a slight decrease from the previous week which had US$343 million in handle.
Just over a year ago, the Empire State introduced its first legal online market for sports wagering. Currently, it operates via nine sportsbooks, which are allowed to offer and accept bets on various sports events. The sector debuted on January 8, 2022, but it is already the leading regulated jurisdiction in the U.S. breaking all sorts of records in its first 15 months.
- Weekly Volume Spirals Down
Despite the success of the mobile market, there has been a decline in volume after the end of March Madness. The latest reports by the New York State Gaming Commission found that for the week of April 16, 2023, the state handled US$321.3 million in online bets. This is slightly down from the previous week’s US$343.2 million and a long way from the recent US$400+ weekly handles.
However, on the gross gaming revenue front for the week of April 16, 2023, the Empire State saw a spike. For the said week, the nine sportsbooks reported a total of US$43.2 million in pre-tax proceeds, which is a massive improvement on the prior week’s mere US$12 million. It should be noted that the state has one of the highest tax rates in the U.S. with 51%.
In the meantime, FanDuel continued to dominate the market, as it was once again the most preferred betting app in the state for the said week. It accumulated the largest wagering handle of all other operators with US$136.2 million while gaining US$22.1 million in gross gaming revenue. The GGR is a massive jump from its US$6.8 million from the previous seven-day period.
DraftKings was once again second with the second-largest portion of wagering activity of US$101.9 million and second-best in terms of revenue for the week of US$14.2 million. It exceeded its previous GGR of US$2.9M. Caesars Sportsbook was in the third spot with US$40.8 million in betting volume and around US$3.6 million in gross gaming proceeds.
- Busy in March
It should be also mentioned that despite the recent drop in betting volume, New York has a busy month in March 2023. For the month, bettors placed US$1,785,952,977 in wagering handle throughout the month. This was only US$3 million short of the highest monthly volume of US$1,788,991,455 in January 2023. Mobile sports betting has now exceeded US$1 billion in wagering volume for the 13th time in 15 months.
However, a significant problem for the market remains its tax rate of 51% on operators. That is why operators were looking to have iGaming legalized in the state in 2023. But this will not be the case as its legalization did not make the final cut. Still, Sen. Joe Addabbo said its introduction was a matter of when and not if it will be added to the state’s offerings.
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