New York State’s online sports betting market has started to recover from its summer slump, as sports leagues from around the globe kick off their seasons. According to the latest reports from the New York State Gaming Commission, the weekly wagering volume for mobile betting has surpassed the US$200 million threshold for the first time in over a decade.
As international sports leagues begin their seasons, the online sports betting industry in New York State has begun to emerge from its summer lull. According to the latest reports from the New York State Gaming Commission, the weekly wagering volume for mobile betting has surpassed the US$200 million threshold for the first time in over a decade.
The Empire State started accepting online sports wagers on January 8, 2022. Despite having only nine online providers, the state immediately became the hub of American online sports betting as it has since generated more than US$9 billion in handling.
The volume is slowly recovering
The handle has been bullish for the fourth week in a row according to the New York State Gaming Commission’s latest report. The nine sportsbooks generated a total of US$200.1 million in online handle during the week that ended on August 21, 2022. This is the first time since June 27, 2022, that the handle has returned more than US$200 million.
This amount is still down from the weekly average since the start of the online market, but it is a sign that the state is once again seeing an increase in sports betting volume. The National Football League kicked off its preseason games and is on schedule to return in September for official games. The MLB was the only major league that played in the summer.
With the college football season just two weeks away, it is expected that there will be a boom in mobile sports betting in the state. It’s safe to say that New York is a big fan of football. 25% of all bets placed on this year’s Super Bowl have come from the Empire State, according to a report.
The market has brought in more than US$400 million in tax revenue for the state. Rob Williams, Executive Director for the New York State Government Center, said this week that the state could easily cross US$500 million in tax with a full season of football. According to estimates, US$500 million in tax would put the current handle at around US$14 billion.
There is a future for the industry
J. Gary Pretlow, an assemblyman from New York, discussed the potential for sports wagering in the state. According to the co-chair of the New York Assembly Committee on Racing and Gaming, the new online market has been a success and has brought in millions of tax revenue to the state.
He admits that the tax rate of 51% for licensed operators is one of the issues of the market. Mr. Pretlow shared that the promotions at the sportsbooks have decreased over the last few months. He believes that the solution would be to lower the tax rate to 42%, which would allow more operators to enter the market.
The first $200 million week since June has been posted by the New York sports betting industry.