To combat the growing problem of online gambling, New York State is gearing up to introduce a new law in December that will see bets placed via any state licensed casino would only be allowed if they are made face-to-face. What does this mean for businesses and customers who use online betting platforms? Let’s take a closer look at what it could potentially hold.
After a brief dip in mobile sports betting traffic, New York is reporting an uptick in weekly handle once again. The state most recently recorded a total online bet handle of US$335.8 million for the week ending April 10, 2022. This was a significant increase over the previous two weeks’ handles of US$312.1 million and US$327.8 million, respectively.
The Empire State’s mobile sports betting industry is still in its infancy, having just launched in January of this year. Despite its short history, the jurisdiction has swiftly established itself as one of the country’s top mobile sports betting destinations, breaking multiple iGaming records in the process. The state has given nine suppliers permission to operate in the market.
The Handle Resurfaces
The conclusion of the NCAA Tournament, which has surely garnered lots of bets from local sports bettors, may be blamed for the surge in online wagers. The state recorded a total of US$335.8 million in internet handle for the week ending April 10, 2022. However, gross gaming revenue accounted for just US$12.9 million, the lowest weekly total since the January debut.
FanDuel dominated the battle for the highest betting volume for the week, generating US$142,036,677 in gross gaming revenue while earning US$7,956,295 in betting volume. The second place finisher was DraftKings, whose app took in approximately US$83,517,552 of the total bets. As a result, it generates $2,444,567 in income. Caesars Sportsbook came in third with a handle of US$49,359,984 and just US$694,637 in gaming profits.
BetMGM, a subsidiary of MGM Resorts, came in fourth in terms of total online wagering handle, with US$36,251,500, or US$1,202,925 in gross gaming income. With approximately US$12,564,239 in betting volume and US$23,150 in profits, PointsBet is in fifth place. BetRivers made $9,254,761 and $413,504 in revenue, respectively, while WynnBET and Resorts WorldBET made $1,889,788 and $118,857 in handling.
The eight sportsbook applications have managed to gather nearly US$5.3 billion in total wagering volume from the start of the online market on January 8, 2022, through April 10, 2022. According to the 51 percent tax rate on gaming income, this amounts to US$342.7 million in total GGR and about US$174.8 million in tax revenue for the state.
One more is about to go live.
In the Empire State’s mobile sports betting regime, eight of the nine providers have gone operational thus far. Bally Bet is the lone company that has yet to make its debut. The company’s Chairman, Soo Kim, said a few months ago that the debut will be postponed until April of this year, since the sportsbook does not want to compete with massive welcome bonus incentives.
Initiative for Downstate Casinos
New York will soon grow its land-based gaming business in addition to its internet gambling development. The fast-tracking of downstate casino licenses was formally included in the new budget by state lawmakers at the beginning of the month. This action would speed up the awarding of the three licenses by at least a year, bringing in additional gaming money to the state’s economy.
Mike Mazzeo, Mike Mazzeo, Mike Mazzeo, Mike Mazzeo, Mike PlayNY, April 18, 2022, “NCAA Tournament Title Game Provides Slight Increase In NY Online Sports Betting Handle”