Spring is off to a banner start in the Empire State. The New York Yankees are dominating the AL East, the New York Mets are crushing it in the NL East, and New York sportsbooks continue to take bets at an unrivaled rate.
The New York State Gaming Commission (NYSGC) recently released online sports betting figures for the week ending on May 8. The report showed the state’s mobile bookmakers accepted $331.7 million in bets and registered gross gaming revenue (GGR) of $37 million — their second-highest weekly haul since the start of legal online sports betting in the state in January.
The statewide hold for the week ending on May 8 was approximately 11% for mobile sportsbooks. It was also a bounce-back week for the online bookmakers as they saw a $36.6-million jump in handle and a $25-million leap in GGR after the previous week’s all-time low of $12.9 million in revenue.
All eight of NY’s active mobile operators saw an increase in GGR, with all but two (BetRivers and Resorts World Bet) improving on their handle from the week prior.
How the big four did
FanDuel not only increased its handle by $10 million, to $145.1 million but saw its GGR shoot up by a dime as well to $19.4 million. Meanwhile, DraftKings raked in $14 million more in wagering than the week before, increasing its handle to $78.9 million, in addition to recording GGR of $8.7 million — the bookmaker’s biggest revenue week in over two months.
BetMGM had a handle of $31.3 million for the week ending on May 8. The company also rebounded from the previous week’s (far and away) all-time low GGR of $12,682, tallying $2.4 million in revenue.
Lastly, Caesars remained consistent, bringing in over $52 million in handle and $4.6 million in GGR — its highest number in eight weeks.
|Mobile sportsbook operator||Mobile handle for week ended May 8||Mobile GGR for week ended May 8|
|Resorts World Bet||$1,454,193||$82,724|
Could the New York market expand?
While the state’s ninth legal operator Bally Bet still hasn’t gone live, a bill proposed in March by New York State Assemblymember J. Gary Pretlow is attempting to increase the number of legal sportsbooks in New York from nine to 16 by 2024.
The bill proposes a phased approach to adding new operators that would coincide with a lower tax rate for online sports betting revenue. New York and New Hampshire currently have the nation’s highest tax rate at 51%, but that number would have a chance to be cut in half in New York should the bill be passed.
The tax decrease would be a gradual approach that could reduce the rate to 35% by 2023 and 25% by 2024 if the total number of mobile operators reaches 16.
Operators would also receive a tax exemption for promos and free wagers in the proposed legislation. The bill is still early in the legislative process, and changes aren’t expected anytime soon.