After the return of the major sports leagues in September, it has become the norm for New York’s mobile sportsbooks to produce hefty betting volume every week. This is further confirmed by the latest numbers by the New York State Gaming Commission, as for the week ending on November 19, 2023, they generated another handle above the US$500 million threshold.
The Empire State launched regulated online sports betting in January 2022, allowing for nine digital sportsbooks to accept and offer sports wagers in the state. The jurisdiction quickly became one of the leading legal markets in the country. In its first 12 months, it accumulated over US$700 million in tax revenue to support education, youth sports, and tackle problem gambling.
Sportsbooks are Busy in November
Most recently, the New York Gaming Commission reported that for the week ending on November 19, 2023, the state’s licensed sportsbooks collected a total betting handle of US$529.5 million. This is the second-highest weekly volume since the start of the market, as it broke the previous second-best volume of US$527.5 million from the end of October 2023.
Meanwhile, on the revenue front, bettors managed to fight back, as operators recorded total gross gaming revenue of US$40.7 million, which was a slight 7.3% drop in earnings in comparison to the previous week. Hold for the bookmakers dropped from 9.7% to 7.7%. It was a similar week in terms of results to the one of October 29 when the large handle produced a 5.5%-win rate.
When it comes to operators’ performances, FanDuel was again ahead of the pack, as it generated the largest handle with US$262.3 million. But with a hold of 7% it accumulated US$18.4 million in revenue. DraftKings was again second-best with a total wagering volume of US$154.1 million, generating US$14.2 million in winnings from a 9.2% hold.
Caesars Sportsbook managed to produce US$46.4 million in betting activity, or the third highest for the week, with revenue of US$4.3 million. Meanwhile, BetMGM was in fourth with a handle of over US$30 million but just 6.9% in the hold. WynnBET was in red for the second week in a row, with a loss of US$166,031, being in the red for the third time in five weeks.
Additionally, the week ending on November 19, 2023, saw the long-awaited return of Bally Bet which launched once more in the Empire State. Its app now boasts several new improvements including an account management platform by White Hat Gaming. In the week of its return, the sportsbook generated betting volume of US$1,763,483 and revenue of US$53k.
Upping Responsible Play Efforts
With the increase in popularity of sports betting, New York’s Responsible Play Partnership is now enhancing the process for individuals when enrolling in voluntary self-exclusion programs. The new VES allows gamblers to exclude themselves from gambling activities remotely, whether it is a land-based casino, a digital sportsbook, or if legalized, online gaming.
Source: Senkiw, Brad “New York Sportsbooks Generate Second-Highest Weekly Handle in State History” Covers, November 23, 2023