New York Sportsbooks Go Over $10 Billion
The latest weekly sports betting report is in from the state of New York for the week ending on August 28. Sportsbooks in New York didn’t see a ton of action during that week, but New York was able to achieve a new impressive mark.
The total sports betting handle for the week ending on August 28 was just $194.5 million, ending a run of four straight weeks with an increase. This will likely turn back around in September as football season is now underway.
The biggest news is that the total sports betting handle in the state since January is over $10 billion. New York has easily become the largest online sports betting market in the U.S. and the numbers are much higher than any of the other competitors.
With the latest report the average weekly sports betting handle since January in New York is $297.9 million. Sports betting started to take a tumble during the Summer months, but the sportsbooks got off to such a massive start.
The highest weekly handle total in New York is $572.6 million and it came all the way back in January. There is a great chance that a new record will be set at some point this fall thanks to the National Football League.
The gross gaming revenue for the last month of August was still over $19 million and there are other states that have never even come close to that total in a month.
FanDuel Continues to Set the Tone
All nine online sportsbooks are now live in the state of New York, and that gives bettors plenty of options. There are three sportsbooks that have jumped out ahead of the pack, and there is a leader in that group as well.
FanDuel Sportsbook posted massive numbers during the last week of August as it posted a total handle of $83.7 million. DraftKings Sportsbook was next on the list with a handle of over $53 million, but it just can’t keep up with its rival.
Caesars Sportsbook remains in third place, but the gap between it and BetMGM has started to shrink in recent weeks. The other five online sportsbooks don’t see much action, but they will all benefit from a football boost.
Seneca Nation Looking to Cash In
Now that the New York sports betting industry is well established, Seneca Nation is looking to cash in with a new gaming compact. Seneca Nation currently has a gaming compact with the state of New York, but that is going to expire in 2023.
There are already three tribal casinos that are owned and operated by Seneca Nation, but more revenue is on the minds of this group. New casinos and the launch of retail and online sports betting has hurt the total revenue for Seneca Nation, especially in 2022.
New York collects a 25% tax on the revenue from Seneca Nation casinos, but the tribe is expected to argue to get that number lowered.
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