The eight online sportsbooks in the eastern American state of New York have reportedly begun seeing business taper off as they recorded their lowest ever weekly combined handle tally for the seven days to May 15 of just $286.21 million.
According to a Friday report from a source citing official information supplied by the New York State Gaming Commission (pdf), this all-time low marked the second time the state had recorded a below $300 million weekly handle reckoning since launching online sportsbetting from January 8. Nevertheless, the eight-strong club purportedly saw its associated aggregated gross gaming revenues remain good at roughly $31 million courtesy of a hold rate of 10.8%.
New York has rapidly grown to become the most lucrative sportsbetting market in the United States with some $424.95 million in aggregated gross online sports wagering revenues off of over $6.22 billion in combined handle through to the end of April, which included figures of $104.14 million and $1.39 billion respectively for last month. However, this fast start has now reportedly fallen victim to the traditionally slow summer months where a reduction in major sporting tournament action means punters have very little on which to wager.
This slowdown has reportedly been made all the more evident by the fact that weekly aggregated online sportsbetting handle in ‘The Empire State’ hit at least $350 million through to March 20. But this initial success has purportedly been followed by nine straight weeks of declines owing to the end of the National Football League (NFL) season in addition to the conclusion of this year’s edition of the NCAA Division I Men’s Basketball Tournament, which is colloquially known as ‘March Madness.’
Regarding the big players in New York and the source explained that FanDuel Group led the way in the cited week courtesy of $120.18 million in handle, which equated to a 42% market share, to rack up an impressive $17.64 million in associated revenues. This was purportedly followed by DraftKings Incorporated with $71.65 million in processed wagers and receipts of slightly above $6.29 million while Caesars Entertainment Incorporated came third via figures of $45.37 million and $3.09 million respectively.
New York is home to more than 20 million people and its five remaining licensed online sportsbetting domains, which encompass ResortsWorldBet.com, BetRivers.com, BetMGM.com, PointsBet.com and WynnBet.com reportedly collectively chalked up an around 17% market share for the week to May 15 with aggregated handle of about $48.91 million. All of the state’s licensed remote sportsbooks are purportedly obliged to pay a very high 51% gross gambling revenues tax and this regime has so far led to the jurisdiction collecting roughly $251.52 million to fund a range of educational programs.