The Empire State’s mobile sports betting market continues to be in a downtrend, as the state reports a new weekly low in terms of handle. On Friday, the New York State Gaming Commission reported that the online handle for the week that ended on June 12, 2022, has hit US$248.2 million. This is significantly lower than the US$270.2 million from the week prior to that.
New York state’s mobile sports betting market is rather new as it launched early this year in January. The commission has given the go-ahead to a total of nine operators to go live in the jurisdiction and legally offer their sports wagering products to local audiences. As of right now, eight of the operators are up and running with the last one expected to follow up soon.
Yet Another Weekly Low
According to the latest reports from the New York State Gaming Commission the handle for online sports betting for the week that concluded on June 12, 2022, has hit a new weekly low. Total wagers online from the eight operators reached US$248.2 million, which is significantly down from the results for the week that ended on June 5, 2022, with US$270.7 million in handle.
As confirmed by the regulator, this is the lowest weekly handle since the launch of the market on January 8, 2022. This also marked the fifth week in a row where mobile sports betting has failed to surpass the US$300 million mark in the state. The low volume of online wagers can be explained due to the off-season and lack of exciting games for bettors to place their bets on.
However, there is one positive for the locally licensed operators as gross gaming revenue doubled for the week that ended on June 12, 2022, over the previous week, as it accumulated to US$21.7 million. Therefore, the hold for the eight operators was approximately 8.7% last week. This is a 4% increase in win rate from the week prior to that.
And once more FanDuel has accepted the largest volume of online wagers for the June 12 week, as the operator accumulate a handle of US$109.1 million. DraftKings was again second but with US$65.5 million in online wagers, and Caesars Sportsbook got approximately US$37 million. Despite the decrease in bets, the state is doing relatively well every month.
Launching Soon
The last and ninth operator which is licensed to operate in New York State is Bally Bet. At the start of the market, the company said that it has no intention of pouring money into welcome bonuses. And recently, the sportsbook gave an update, that it will be launching into the Empire State market by the end of Q2 of 2022, which ends in less than two weeks.
Reviewing Potential Changes in the Market
Not long ago, State Senate Gaming Chair Joe Addabbo stated that he and other lawmakers are currently reviewing potential changes for the state’s mobile sports betting market. Currently, local bettors cannot wager online on the NFL Draft, as according to state rules it is not a sport. Legislators plan to legalize bets such as the Super Bowl props, and even on the outcome of events like the Oscars and the Grammys.
