New York Sports Betting Hits More Weekly Lows Amid Sparse Sports Calendar
Alejandra Villa Loarca/Newsday RM via Getty Images. Pictured: New York Mets pitcher Max Scherzer.
- Least bet in full week since online sports betting started
- Revenue and taxes drop 42% from previous weekly low
New Yorkers bet the least they have on sports last week since they started online sports betting.
From July 11th to July 17th, New Yorkers bet $183.9 million online, according to data released Friday by the New York Gaming Commission. It's the third new weekly low in a row for New York — where even 2022's most bet state is suffering from a smaller sports calendar during the Summer.
As bad as the week was for getting people to bet, it was much, much worse for sportsbooks when it came to winning bets.
They generated $6.2 million in gaming revenue, keeping just 3% of every dollar wagered. For context, they've kept a little over 10% of every dollar wagered since January, when they first started taking online bets in New York.
State taxes in turn hit a new weekly low as well, with a total of only $3.17 million for the week.
Both the new revenue low and tax low are 42% lower than the previous weekly low (May 30th-June 5th).
Still on Top Despite Summer Slowdown
New York is coming off its least-bet month ever, though it still blew away every other state.
Running June Top 10 #SportsBetting handles by state:
1 New York $1.06B
2 New Jersey $633.2M
3 Pennsylvania $393.5M
4 Michigan $292.4M
5 Indiana $256.3M
6 Tennessee $215.8M
7 Louisiana $132.4M
8 Iowa $122.44M
9 Connecticut $95.4M
10 New Hampshire $53.6M#GamblingTwitter— Chris Altruda (@AlTruda73) July 22, 2022
June and July are typically among the worst months for sportsbooks and state coffers. Despite New York's unprecedented ascension into one of the country's top all-time betting markets in just a matter of months, it too suffers when Major League Baseball is the only major sport on TV.
New York's law uses a much stricter definition of a bettable event than laws in other states do. It precludes obscure sports, league awards and oscars from the state's betting menu.
That means New Yorkers have even less to bet on than the other states do this time of year.
With the All-Star break, numbers might be even lower next week.
FanDuel and Then Everyone Else
Here's how much each operator took as a percentage of last week's total bets:
- FanDuel – 41%
- DraftKings – 28%
- Caesars – 15%
- BetMGM – 9%
- BetRivers – 2.4%
- PointsBet – 2%
- WynnBet – 0.8%
- Resorts World Bet – 0.6%
- Bally Bet – 0.1%
FanDuel also led all operators in revenue, making three times the next closest, DraftKings. It was Bally Bet's first week on the market and not a good start, as it became the only operator to post negative revenue.
Much has been made about the state's 51% tax on operators, which by taxing promo bets, functions more like 77%, according to Morgan Stanley.
BetMGM and Caesars have pulled back spend on aggressive marketing campaigns and lucrative promotional offerings, while FanDuel and DraftKings continue to spend — and in turn gobble up more market share.
It'll be interesting to monitor how these numbers rebound once football season starts. New Yorkers have never had online sportsbooks available to them during NFL and College Football, the most lucrative time of the year for betting operators.
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