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New York Sports Betting Not Immune to Summer Slowdown

New York Sports Betting Not Immune to Summer Slowdown article feature image
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Alexi Rosenfeld/Getty Images. Pictured: New York Rangers fans walk past Madison Square Garden.

It’s led every state in dollars bet since launching online sports betting, but even New York is beginning to fall victim to the annual summer slowdown.

The $248.2 million bet from June 6 to June 12 marks its third new weekly low in a row, according to data released Friday by the New York State Gaming Commission. New York, which launched online betting Jan. 8,  hasn’t surpassed $400 million in a week since March — though most states have yet to hit that in a month.

The drop-off is in line with what states like New Jersey, Nevada and Pennsylvania have grown accustomed to this time of year, when the sports calendar is barren. They each reported their lowest bet totals (handle) last year from June to August.

With the NBA now over and the NHL over in a couple of weeks, you can bet on New York’s first drop-off to continue, though having two of the best teams in baseball should help a little.

Dollars should start pouring in again when football season starts in September.

Still Raking in Tax Dollars

The good news for New York? It is still raking in the tax dollars.

Despite the drop-off in betting, operators made good revenue this past week, thanks to New Yorkers losing most of bets they did make.

That translates to roughly $11 million in tax revenue for the state, which is about $3 million more than New York made during its second-highest week of bets back in February, when operators were still offering $3,000 first-deposit matches.

They’ve backed off on those amid New York’s 51% tax rate, which some say has become untenable. Still, the battle for market share in the most populous legal betting state continues.

FanDuel Continues Market Share Dominance

FanDuel led all operators in bets for the week, as it has since day one.

From June 6 to June 12, New Yorkers bet $109 million on the FanDuel Sportsbook app. That’s about 44% of all dollars wagered in the state, and a significant increase from the already large 38% share of the market FanDuel’s held since January.

It’s now the only New York operator to surpass $3 billion in bets.

DraftKings followed with 26% of the week’s handle, which is in line with its market share historically in the state.

Caesars and BetMGM were the only other New York sportsbooks to even sniff those numbers.

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