New York online sports betting handle set a new low, coming in at $295.2 million for the week of April 25-May 1.
It’s the first time NY sports betting handle has come in under $300 million for a full week.
The previous week, NY online sportsbooks combined for $334.7 million in handle. The last time NY online sports betting handle was $400 million-plus was March 14-20 ($428 million).
Expected decline for NY sports betting
The decrease in handle could be attributed to fewer betting options at this point in the sports calendar — though the NBA/NHL playoffs are underway — as well as entities lowering their promotional spend.
And once those postseasons end, the handle numbers could continue to plummet until a presumed NFL boom.
Flutter CEO Peter Jackson had said on the company’s earnings call earlier this week that NY bettors would have to learn to live with lesser promotions than customers in other states due to NY’s 51% tax rate.
“Clearly in that (New York) market, with the level of taxation, we’re seeing a more exaggerated version of that with competitors pulling back their level of generosity in the market, and to some extent we’ve done something similar,” Jackson said.
“… And clearly people are going to have to learn in that state to live which much lower levels of generosity throughout our process to have any chance of making any sort of contribution.”
FanDuel NY Sportsbook, though, continues to dominate in NY. From April 25-May 1, FanDuel had a market share of 46% ($135.6 million). It also amassed $9.4 million of the $12.9 million NY operators combined for in total gross gaming revenue (GGR) for the week.
NY online sportsbooks have topped $1 billion in handle in each of their first four months in business since legalized state launch on Jan. 8.