The New York sports betting market continues to set new records on a weekly and monthly basis. The next benchmark has experts wondering if it’s attainable at the moment as the state is so close to achieving it.
Can the Empire State Surpass the $2 Billion Handle Mark?
Since the New York sports betting launched, other states tried their hardest to emulate the success. The question is whether the state can kick it to the next gear in the sports betting department.
The New York State Gaming Commission reported that the handle total for the week ending surpassed $344.8 million. January has the biggest possibility as the monthly handle encompasses a five-week span. These types of months are when states cement new all-time highs across the board.
To begin 2023, Week 17 of the NFL fell on the first week, and bettors across the Empire State wagered a total of $410.8 million. However, the handle took a hit when the Cincinnati Bengals shut down any momentum against the Buffalo Bills in the divisional round, and WR Stefon Diggs let out his frustration on the sideline.
A number of future bets were made on the Bills winning the Super Bowl, but that will not come to fruition this season. The Philadelphia Eagles also took care of business against the New York Giants in the regular season and the divisional round.
The highest monthly total recorded took place during the launch month due to many factors. Caesars launched its greatest promotion in the industry’s history, and the state’s handle reached the $1.6 billion milestone.
In the week ending Jan. 29, nine mobile books combined to bring in $27.3 million in adjusted revenue, less than half the $57.5 million for the week ending January 22. A 7.9 percent average hold rate was reported for the week ending January 29, nearly five full percentage points lower than the previous week.
FanDuel Continues to Hold the Throne
With close to $13.5 million in regard to revenue from a $146.8 million handle, FanDuel accounted for nearly half of the overall winnings last week, due to a hold rate of 9.2 percent. The average hold rate for the industry is situated at 7.2 percent.
On the other side, the smaller sportsbook brands took a hit, especially WynnBet. The bookmaker continues to struggle against the public by accumulating just $2.2 million in wagers for the week, which led to a win rate under seven percent for 13 consecutive weeks.
DraftKings continues to hold down second place by extending its nine-figure weeks to 18 by accepting $108.7 million in bets for the week. With BetMGM and Caesars rounding out the top four, the trend continues.
Will Adding More Sportsbooks Help Bring the Numbers Past $2 Billion
A bill introduced by Sen. Addabbo not too long ago would bring more sportsbooks to the state. By extending the bookmaker numbers to 14 and 16, the state would also be able to reduce the 51 percent tax rate to 35 percent rather than 25 percent.
iGaming is also a possibility in the state. The Commission could issue a study before a potential launch to mitigate problem gambling.