New York Betting Hits Weekly Low with MLB All-Star Break

As the summer wagering doldrums dragged on, online New York sports betting hit a new low and combined to record their third week of less than $200 million in handle.

For the week of July 18-24, mobile handle at New York sportsbooks was $149.7 million, almost an 18.6% drop from the previous week ($183.87 million). That itself had been a new record low for a full week since statewide online sports betting started in early January.

To be fair, New York baseball betting was slowed as a daily wagering event as the week included MLB’s All-Star Game with the attendant break in regular-season action.

The Gross Gaming Revenue (GGR) for the week ending July 24 picked up substantially from the previous week. The state’s nine online sports wagering operators posted a GGR of $12.3 million, which compared favorably to an especially low GGR of the previous week -- $6.2 million, a record on the downside for operators.

The recent week’s GGR reflected a relatively typical hold (for the industry at-large) of 8.25% but the week ending July 17 was a bookmaker’s nightmare with a 3.37% hold.

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A Closer Look at the Operators

Among individual operators, the week ran to form with FanDuel Sportsbook New York being the state’s leader in handle ($67.3 million) and in GGR (4.48 million), a 6.7% hold.

DraftKings Sportsbook NY, which was second in handle ($38.18 million), had a solid week in GGR of almost $3.6 million, for a hold of 9.4%.

Caesars Sportsbook New York took almost $20.4 million in bets and had a GGR of nearly $2.22 million, for a strong hold of almost 10.8%.

BetMGM Sportsbook New York had about $15.75 million in handle and $1.376 million in GGR, an 8.7% hold.

The rest of the operators (which made up just 5.5% of the total handle market for the week) lined up this way:  BetRivers Sportsbook New York, $3.6 million handle, $155,316 GGR; PointsBet Sportsbook New York, $2.28 handle, $305,517 GGR; WynnBet Sportsbook New York, $1.13 handle, $61,311 GGR;  Resorts World Sportsbook New York, $991,052 handle, $76,431 GGR, and the newest entrant, Bally Bet Sportsbook New York, $124,825 handle, $32,050 GGR.

At the current pace of wagering, New York’s July is shaping up to be the first month the state’s online sports gambling industry fails to hit $1 billion in handle.