Summary:
The latest report on the local internet sports betting model was released by the New York State Gaming Commission. According to the report, for the week that ended on November 13, 2022, the digital handled a total of US$339.9 million in wagers. The US$353 million was a decrease of 3.8% from the previous week.
New York has reported a decrease in weekly wagering volume and revenue after a strong October of mobile sports betting. The betting handle and gross gaming revenue for the week of November 13, 2022, were US$339 million and US$31.3 million, respectively, according to reports from the New York State Gaming Commission. The tally was down from the previous week.
New York will be celebrating a year of online sports betting in less than two months. Since its launch, the nine regulated operators have generated tax revenue of more than US$500 which has been reinvested into education and youth sports.
The numbers are cooling down
The latest report on the local internet sports betting model was released by the New York State Gaming Commission on Thursday. According to the report, the digital sportsbooks handled a total of US$339.9 million in wagers during the week of November 13 to November 13. The US$353 million was a decrease of 3.8% from the previous week.
The decline in revenue for the week of November 13 was much higher. The sportsbook brought in US$31.3 million in gross gaming revenue. In comparison to the previous week, this was a 20% decrease. This resulted in a hold of just 9.2% for sportsbooks, which is the second-lowest weekly win rate since the start of the season in September.
In terms of operators, they were affected by the decrease in revenue and handle, as just WynnBET and Resorts WorldBET reported an increase in volume, and only Resorts WorldBET saw a boost in revenue. It was once more that FanDuel ruled supreme for the week.
The company reported a weekly volume of US$111.1 million which was a 5.9% drop and revenue of US$ 7.9 million which was a 27.5% decline. It was third again, this time with US$43.7 million in handle and US$3.2 million. Bally Bet was the only online brand to suffer a loss.
October was the record-setting month
The month of October was quite busy for the Empire State in terms of mobile sports betting. The nine online sportsbooks generated over US$145 million in gross gaming revenue for the month, which is the largest monthly GGR since launch. Revenue is taxed at a hefty 51%, which makes for over US$74.3 million in tax revenue for the state.
The state was able to clear another major online sports wagering milestone because of the strong performance in October. October’s financial numbers pushed the total tax revenue over the US$500 million mark. It was the highest-earning jurisdiction in the country in terms of tax revenue at that time.
The covers of the New York Weekly Sports Betting Figures shows a dip in both handle and revenue.