New York’s 7.1% Online Sportsbook Hold Right In Line With National Average

Written By Mike Mazzeo on June 17, 2022
new york sports betting revenue week 2 june 2022

New York sportsbooks established a new weekly low in online sports betting handle from June 6-12, 2022, with books combining for $248.2 million. 

Total gross gaming revenue in NY rebounded from the previous recorded week, however, rising from $10.8 million (NY low) to $21.7 million. 

NY sportsbooks feel seasonal slowdown

As has been mentioned previously, this is still the slower sports betting season.

The NBA Finals just wrapped up, while the Stanley Cup final will end soon. 

The New York Rangers’ surprisingly playoff run ended on June 11, with a 4-2 loss to the Tampa Lightning in Game 6 of the Eastern Conference final. The Rangers had been the biggest remaining NHL liability for FanDuel and DraftKings NY. 

Soon, MLB betting will be the only major professional sports wagering option. The first full NFL season with legalized online sports betting in NY begins Sept. 8. 

Other states are also taking a hit, with neighboring New Jersey posting $766 million in sports betting handle during May. By comparison, NY online sportsbooks posted $1.3 billion in online sports betting handle during the month. 

Overall, from Jan. 8 launch through June 12, NY online sportsbooks have combined for $7.9 billion in handle, $563 million in total GGR and $287 million in tax revenue.

Since legalization, NY online sportsbooks have held at 7.1% — exactly at the US post-PASPA average of 7.1% nationwide. 

PlayUSA Network data analyst Eric Ramsey said:

“It’s hard to read too much into operator hold for a single week, but recent trends do seem to reveal the popularity of Rangers betting in New York, both on single games and Cup futures. Margins could grow a bit over the summer months once NHL and NBA futures are settled out.”

FanDuel NY posted a 44% market share and 41% revenue share from June 6-12.

DraftKings was second with a 26% market share and 28% revenue share. Overall, FanDuel has held at 8.1% to DraftKings’ 6.7%. 

Photo by Frank Franklin / AP
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Mike Mazzeo

Mike Mazzeo is the Lead Writer for PlayNY, arriving after covering several of New York's professional sports teams in a variety of roles for the past decade. Previously, he served as a beat writer and columnist covering the Brooklyn Nets (ESPN) and New York Yankees (New York Daily News). Mike also covered both the MLB and NBA nationally for Yahoo Sports. In addition, he served as a general assignment reporter for ESPN NewYork.com. He has also had bylines in the New York Times, New York Post, Newsday, Forbes and The Ringer. With PlayNY, Mike brings extensive coverage and unique story angles to what is projected to be one of the biggest and most lucrative online sports betting markets in the country. It's been an arduous and confounding process to get here, but 20 million New Yorkers (many of them die-hards) are now legally able to bet on their favorite sports teams across the state via online and mobile platforms.

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