The NY sports betting handle shows signs of recovery

The NY sports betting handle shows signs of recovery

After a slow summer and low volume of online sports betting, New York State is showing signs of potential recovery. The New York State Gaming Commission’s weekly report on the internet market has generated a handle of almost US $197 million. For the third week in a row, this is an improvement over the previous week.

The state had a great start to its mobile sports betting market, and it quickly surpassed its U.S. counterparts in terms of betting activity. Nine sportsbook operators have been given the go-ahead by the local administration to go live in the market. After the recent launch of Bally Bet, all of the apps are now up and running within the state borders.

The volume starts to increase

The New York State Gaming Commission issued its report for the week that ended on August 14, 2022, on Thursday, August 18. The online betting volume collected by the nine mobile sportsbooks was US$197, which is a slight improvement over the previous week’s results. Another step in the right direction is what it is.

The summer season has been slow on the mobile sports betting market due to the fact that many leagues are in their off-seasons and bettors don’t have many games to wager on. The week of August 14 was the third in a row in which the state has seen an increase in weekly handle.

The gross gaming revenue for the week was approximately US$21.2 million, which is a slight increase from the previous week’s gross gaming revenue of US$20.9 million, which equates to a hold of 10.7% for operators. The start of the NLF’s preseason, which kicked off during the week of August 14, 2022, can be accredited to the increase in volume.

In terms of operators performance, the charts are still headed by FanDuel which once again accumulated the largest betting handle with US$88.6 million in handle and US$10.5 million in GGR. In terms of handle, DraftKings was second with US$52 million in total wagers for the week, and revenue of US$4.9 million. It was third with US$26.4 million in volume and US$ 2.6 million in revenue.

Lawmakers are not finished

After the introduction of mobile sports betting this year, Empire State lawmakers are looking for more improvements to the industry. New York Assemblyman J. Gary Pretlow, who had a major part in mobile sports betting, said that he would like to see online gaming legalized in the state.

The introduction of iGaming will prove to be beneficial for the state according to a report. The project could bring in around US$428 million a year. Many gamblers will be looking forward to the new offering and it is expected that it will quickly surpass the state’s online sports betting market.

August 18, 2022, “New York Sports Betting: Back in an Upwards Groove?”, was written by Zochodne.

Summary:

The New York State Gaming Commission’s weekly report on the internet market has generated a handle of almost US $197 million. For the third week in a row, this is an improvement over the previous week. The state’s mobile sports betting market had a great start back in January of 2022, and it quickly surpassed its US counterparts in terms of betting activity.