New York sports betting handle went up for the week that ended July 9. However, players got the best out of the sportsbooks. As a result, their bottom line dropped week-over-week.
The latest report from the New York Gaming Commission showed a sports wagering handle of $238 million, an increase of 11.7 percent week-over-week. Also, it was up by 25 percent from the same week in 2022.
However, sportsbooks saw a decrease in their revenues. According to pay per head bookie reports, revenue dropped 12 percent week-over-week. Also, it decreased 15.5 percent to $22.8 million year-over-year.
Online gambling firms saw a huge drop in their grip, from 11.9 percent the week before to 9.6 percent. For the fifth week in a row, the total handling was less than $300 million, but profits were more than $20 million for the sixth week.
New York Sports Betting Handle
FanDuel has seen three straight weeks with a handle of less than $100 million for the first time since last August. According to sportsbook pay per head sources, the New York sports betting titan continues its climb back to that level with $94.7 million in wagers, the most in New York for the week ending July 9. FanDuel’s revenue was $10.7 million, down 9 percent from the previous week.
According to gambling industry news reports, the percentage of items being held has increased from 9.4 percent the week before to 11.3 percent.
While DraftKings surpassed FanDuel on a few occasions in June, FanDuel still managed to come in second place for the week in New York, earning $7.8 million on a handle of $81.8 million. DraftKings had an 11% increase in wagers week-over-week. However, it suffered a 7% decrease in earnings.
BetMGM placed fourth with earnings of $1.1 million on a handle of $17.9 million, while Caesars had the third-highest handle of the week at $28.7 million.
Bally Bet had no revenue or handle for the second week in a row. New York now has eight functional mobile sportsbooks after the internet operator canceled accounts on June 30 for a mobile makeover.
Bally Bet will relaunch in late 2023 with a new and improved sportsbook, the company says on its website. Since July 2022, Bally Bet has raked in over $16 million in handle and just under $1 million in income.