Fueled by the first full week of college football, New York posted its best online sports betting handle in more than two months. In addition, operators enjoyed their best week in nearly four months.
According to data from the New York State Gaming Commission (NYSGC), the nine operators reported a handle of $243 million for the week ending last Sunday (Sept. 4), roughly $48.5 million more that the previous week. It was the highest total wagered since bettors gambled $265.6 million for the week ending on June 19. That was the same week the NBA Finals ended.
The sportsbooks also reported gross gaming revenues (GGR) of $27.5 million for the week, which was their best performance since grossing $31 million for the week ending on May 15.
Once again, FanDuel was the leading operator in New York, accounting for $106.8 million of the handle and claiming $13.1 million of the GGR. DraftKings posted totals of $70.5 million for the handle and $8.3 in GGR.
The sportsbooks have generated $479.4 million in GGR since the beginning of the fiscal year in April, with $244.5 million going to the state. New York’s 51% tax on GGR mostly funds education, with money also set aside for problem gambling services and youth sports programs.
New York continues to stay well ahead of what state officials projected for the first full fiscal year of online sports betting. The state’s budget estimated taxes from sports betting would generate $357 million for the 2022-23 fiscal year.
The fiscal year won’t be halfway through until the end of this month.
Sportsbook GGR Up 36% in August
The NYSGC also posted the full monthly figures for August. With a handle of $872.2 million, it was the second straight month under $1 billion for the state, but a nearly 9% improvement from July’s $800.8 million handle. GGR also shot up significantly, as the $99.6 million sportsbooks won was almost 36% better than the $73.3 million reported in July.
FanDuel posted monthly totals of $374.6 million for handle and $46.6 million in GGR for August, while DraftKings took $244.5 million in wagers and won $25.9 million in revenue. Caesars finished third with $117.6 million in handle and $12.7 million in GGR, and BetMGM saw figures of $73 million and $8.8 million for handle and GGR, respectively.
Bigger Increases Coming in New York
As the National Football League’s regular season kicks off this weekend, it would be hard to imagine sports betting traffic not increasing immensely in New York. In fact, based on what GeoComply found during the opening game featuring the Super Bowl favorite Buffalo Bills and last year’s champion Los Angeles Rams, the state is already experiencing an uptick.
In Buffalo alone, there were more than 267,000 sportsbook geolocation checks on Thursday. That represented a 210% increase in traffic from the previous Thursday, according to fraud prevention and cybersecurity solutions provider GeoComply. GeoComply provides geofencing services for leading US sportsbooks.
Obviously, traffic would spike in Buffalo, given the Bills were playing. But GeoComply also noted that statewide, there were 3.7 million geolocation checks for the prime time, season-opening contest.
We’re thrilled for the @BuffaloBills‘ home state, not least because it’s a major defeat for the black market. As bettors flock to regulated sportsbooks, they enjoy a safer experience that protects their rights,” the company tweeted Friday afternoon.
We’re thrilled for the @BuffaloBills' home state, not least because it’s a major defeat for the black market. As bettors flock to regulated sportsbooks, they enjoy a safer experience that protects their rights.
— GeoComply (@GeoComply) September 9, 2022
The state’s report next week will include wagering on all NFL games through Sunday night, so we’ll see just how much of an increase the state will experience.
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