The end of the NFL season means it’s time for New York’s mobile sports betting volume to drop. 카지노 Figures posted by the New York State Gaming Commission confirm a significant drop in weekly betting handles since Super Bowl LVII. For the week of February 19, 2023, New York State reported a decrease of nearly US$100 million.
Empire State’s sports betting online market debuted in January, allowing a total of nine digital sportsbooks to legally operate games and place mobile bets. During its first year of operation, the market brought $700 million in tax revenue through bets and $200 million in licensing fees from operators into the state budget.
On Thursday, February 23, 2023, the New York State Gaming Commission, which oversees the market, issued a weekly update on market figures. For the week ending Feb. 19, 2023, nine sportsbooks totaled $339.6 million. This amount is significantly lower than the Super Bowl weekly trading volume of $424.3 million.
However, the lack of major events has allowed operators to increase their total gaming revenue. For the week of February 19, 2023, Sportsbook reported a total GGR of US$23 million. This is a significant improvement from US$12 million the previous week. Meanwhile, the operator’s holding rate surged to 6.8% from the previous week’s 2.8% winning rate.
It should be noted that despite the diminished size of New Yorkers’ bets, there was no change in the operator’s ranking because it was still the preferred choice for FanDuel. The Empire State-based sports betting operator collected the most bets on its platform, with a volume of US$137 million, which translated into pre-tax earnings of $11.3 million.
Meanwhile, DraftKings, the state’s second most popular app, maintained its customary second-place position. The digital sportsbook generated $118.8 million in bets and $7.4 million in revenue. Third place went to Caesars Sportsbook, which earned more than $44.6 million in betting activities and just $1.4 million in total gaming revenue.
New York’s mobile sports betting market has been a huge success, but local lawmakers are still expecting some adjustments. In January, Democrats Luis Sepulveda and Leroy Comrie introduced bill S1550. If passed, all game ads in the state would include warnings about the negative effects of gambling.
However, according to the New York Affairs Gambling Commission, the mobile sports betting market has a worrisome downside. The organization previously reported that more and more teenagers in the state seek help with their compulsive gambling habits. It also described demographic gamblers aged 18 to 24 as pathological gamblers.