Industry-Low Totals From New York Online Sportsbooks Should Not Be Cause For Alarm

Written By Mike Mazzeo on June 10, 2022

Can New York keep its streak alive?

Since the launch of legalized online sports betting, the Empire State has exceeded $1 billion in handle in each of its first five months in business.

For the week ending June 5, NY online sportsbooks combined for $270.7 million in handle, leading to $10.8 million in total gross gaming revenue (GGR) — the lowest total GGR since launch.

That’s very comparable to the previous week: $271.9 million in handle and $10.8 million in total GGR. And a pace of $270 million per week would put NY at just shy of $1.1 billion in online sports betting handle for the month of June.

NY sports betting breakdown for week ending June 5

Overall, from Jan. 8 through June 5, NY betting apps have combined for $7.7 billion in handle, leading to $541.2 million in total GGR and $276 million in tax revenue. So the Empire State is already more than halfway to meeting its online sports betting tax revenue goal — for fiscal year 2024.

FanDuel once again led the way from May 30-June 5, accounting for 43% of the NY online sportsbook market share, and 63% of the revenue share.

Online sportsbookHandleGross Gaming Revenue
FanDuel Sportsbook NY$117,247,862$6,765,992
BetMGM Sportsbook NY$23,599,549$523,774
DraftKings Sportsbook NY$74,132,661$2,724,352
Caesars Sportsbook NY$40,573,584$171,657
Wynn Sportsbook NY$1,641,457$59,750
PointsBet Sportsbook NY$4,263,698$126,609
Resorts WorldBet Sportsbook NY$1,870,469($10,804)
BetRivers Sportsbook NY$7,361,039$407,122

This is, of course, a slower period in the annual sports calendar.

Yes, the NBA and NHL are deep in the playoffs, but there are fewer games to bet on as a result. And MLB obviously isn’t the NFL. No sport is. So until the NFL season kicks off Sept. 8, it figures to be a leaner time — relatively speaking, anyway. After all, record-shattering New York has set a new standard for online sports betting in the US.

In the meantime, Big Apple sports fans have been treated to a thrilling Stanley Cup playoff run by the New York Rangers. The Rangers are the biggest remaining NHL liability for multiple NY sportsbooks, including FanDuel and DraftKings.

Despite dip, NY online sports betting still king of country

On the surface, seeing New York online sports betting decline to its lowest totals might cause the faintest of sirens.

Again, though, understand that the major sports calendars are winding down. As a result, all other state-regulated industries are seeing similar downturns.

Then, consider how those other states have fared.

New Jersey, NY’s closest competitor, dipped below the $1 billion sports betting handle mark in April, coming in at a still-robust $926.9 million, compared to New York’s $1.39 billion. As the Garden State does not break down weekly numbers as New York does, you can compare wagers per day.

That month, New Jersey bettors averaged $28.77 million per day. Compare that with other top sports betting industries in the nation: Nearby Pennsylvania clocked in at just $17.7 million per day; Illinois at $27.01 million.

New York? New York hasn’t dropped below $40 million a day since launching in January. So, yes, action has slowed in the Empire State. But NY sports betting still reigns supreme nationwide.

Photo by AP / Adam Hunger
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Mike Mazzeo

Mike Mazzeo is a contributing writer for PlayNY, reporting on legal sports betting in New York while covering the potential legalization of NY online casinos and poker. He previously wrote for ESPN, the New York Daily News and The Ringer, among others.

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