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.
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%.