Despite another down week — at least based on the lofty expectations it set from Jan. 8 launch — New York online sports betting handle has reached the $5 billion mark so far this year.
From March 28-April 3, NY online sports betting operators combined for $312.1 million, its lowest full week total since launch. That’s down from $327.8 million the previous week.
Overall, NY online operators have combined for $5 billion in sports bets, leading to $168.1 million in NY tax revenue (51% rate).
NY sports betting weekly numbers, March 28-April 3
FanDuel NY ($135.7 million) and DraftKings NY ($73 million) finished first and second in handle/market share for the ninth straight week, according to the New York Gaming Commission report.
But both operators had low total gross gaming revenue (GGR) totals:
- FanDuel: $3.8 million
- DraftKings: $5.4 million
|Sportsbook||Handle For Week Ending April 3||GGR For Week Ending April 3|
NY sports betting expansion on pause
Local policymakers were seeking to add sportsbook operators, lowering the controversial tax rate as a result. But that didn’t get any traction in the final state budget, given the early financial boom that online sports betting handle has provided to the NY coffers.
Still, Sen. Joe Addabbo said he would continue to try for expansion before the legislative session ends on June 2.
As mentioned last week, the continued March Madness dropoff could be because there are fewer games on which to bet and/or because promotional spend continues to decline (Remember: Operators are taxed on their promotional spend.).
Will weekly NY bet totals stay low?
And it will be interesting to see how New York sportsbooks perform as the sports betting calendar turns.
The NBA and NHL playoff seasons have the potential to be strong. But just MLB regular-season games in the summer could be leaner.
Operators are hoping for long-term profitability. But the 51% tax rate figures to remain a talking point.