Sports Betting Cooling Off in New York?
The New York State Gaming Commission continues to announce weekly sports betting totals, and the latest report was a bit surprising. The overall numbers continue to trend in the right direction, but growth isn’t happening as quickly as industry experts would expect.
The total sports betting handle for the previous week was $428 million, an increase of 5.3%. March is always a big month for the legal sports betting industry, though, as the NCAA Men’s Basketball Tournament attracts plenty of wagers.
Sportsbooks in New York continue to post some solid revenue numbers as well, but 51% of that is shared with the state. The total sports betting revenue for the previous week was $26.1 million, resulting in a hold rate of right around 6%.
The total sports betting handle for the month of March is now over $1.2 billion, and New York could be on the way to another record. New York has already surpassed New Jersey as the largest sports betting market, and the gap should continue to get wider.
Sportsbooks have posted a revenue of more than $42 million already in March, but it has been a select few operators leading the way.
FanDuel Remains on Top
Caesars Sportsbook got off to a fast start in the state of New York, but FanDuel Sportsbook is now the clear leader in New York. FanDuel posted a total sports betting handle of $167.9 million last week, and it has totaled over $466 million so far in March.
DraftKings Sportsbook is attempting to keep up with FanDuel, but it just continues to fall a bit short. DraftKings posted a total handle of $110.8 million last week, and that operator is now over $305 million for the month.
Caesars, BetMGM, and PointsBet round out the top five in the state of New York, but there is a clear gap between that group and the two biggest operators.
Bally’s Still Holding Out
There is still one online sportsbook that has not yet launched in the state of New York, but that should happen in April. Bally’s has already been approved for a sports betting license, but the Bally Bet app has yet to go live.
When Bally’s does go live in New York, it intends to launch the Bally Bet 2.0 platform. The biggest reason that Bally’s has yet to launch is that the company did not want to compete with the other sportsbooks that were offering big bonuses.
Bally’s will be looking to break into the top group after launch as opposed to landing in the bottom three. BetRivers, Resorts World, and WynnBET are the three smallest operators in New York, and they made up less than 3.5% of the total handle.
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