New York Bookmakers Generate More Handles, But Revenue Drops

New York’s nine online sports books again generate more betting volumes after recent weekly mobile sports betting handles decline. 슬롯머신 For the week ended October 16, 2022, bookmakers reported their second-highest weekly handle since May 2022. However, as handles increased again, operator and state revenues declined.

Empire State opened its mobile sports betting market on January 8, 2022, and the segment is overseen by the New York State Game Board. The market operates on a limited model, but this has not prevented it from becoming the top U.S. jurisdiction offering legitimate online sports betting, and since its launch, the market has racked up more than US$11 billion in cumulative handling.

The summer season has been somewhat sluggish in New York, but now the NFL and college football are back and the market is heating up once again. For the week ended October 16, 2022, nine sports books reported weekly transactions totaling $323 million. This is a mere $3.7 million increase from $319.3 million the previous week.

However, despite a slight increase in the total betting volume over the past week, sales fell by nearly $6 million. During the week of October 16, operators had an 11.5% retention rate, less than the 13.5% gain in the previous week. Thanks to the NFL kickoff, the weekly handle recovered and Sportsbook reported at least $300 million in bets for the fourth consecutive week.

As the steering wheel and earnings continue to fluctuate, only one thing is certain: Pandual is the state’s top sports book operator. Once again, the bookmaker collected the largest amount of bets, raising more than US$126.6 million from online bets during the week of October 16, 2022, translating into revenue of US$202 million or more.

DraftKings is once again close to second place, reporting that Sportsbook has increased its handling of $114.3 million. However, for the week of October 16, sales fell from $14 million to $10.2 million. Caesars Sports North Korea remained in third place and reported a drop in handling from $41.9 million to $39.9 million. Revenue also fell from $5.3 million to $3.3 million.

After the huge success of online sports betting, Empire State lawmakers are also trying to legalize online gambling in the state. Senator Joe Adabo, one of the product’s lobbyists, said the introduction of online casino gambling in the fiscal 2023-2024 budget would be his top priority. Discussions on this issue could begin this December.

Legalizing online casino games in the state could make a lot of money in state coffers, according to a study by VIXIO Gambling Compliance. The organization predicts that Empire State could earn about $428 million per year. For estimation, we used revenue from jurisdictions with legalized eyegaming for 12 months, for example, per adult over the age of 18.

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