New York Sports Betting Announces Lowest Handle Since Launch
New York sports betting has been posting the biggest handles since the state launched on January 8th, 2022. However, tides are starting to change as the cyclical cycle of sports starts to turn. New York online sports betting markets listed their lowest week-to-week handle since launching. Some of the brands that have made their way to the Empire State include Caesars Sportsbook New York, BetMGM, BetRivers, and more.
New York Online Sports Betting Handle Hits a Low
For normal online sports betting states, this wouldn’t necessarily be called a low. Reason being, NY sports betting has already generated $7.5 billion in total online sports betting handle since January 8th.
According to the New York State Gaming Commission, the week of May 16-22 only brought in $261,152 in online sports bets. This is a low for the Empire State. However, with the lack of sports during this time of the year the number makes sense. Yes, the NBA and NHL Playoffs are in full swing, but there are much fewer games, and you can only bet on so many baseball games.
NY Sports Betting Apps Bringing In Numbers
Here are the New York sports betting handles for the current online sportsbooks since January 8th.
New York Sports Betting Handles
(Credit: Robert Linnehan (@RLinnehanXl)
With a tax state as high as 51% on regulated sports betting markets, online sportsbooks are starting to spend less in New York. One of the first examples of this is BetMGM New York.
CFO Gary Deutsch stated that he can no longer justify spending marketing money in a legal gambling state that operates at a 51% tax rate.
The New York State Gaming Commission reported $261,152,790 in online sports bets for the week ending May 22.
Gross Gaming Revenues declined by about $7 million. The state reported $23,483,432 in GGR for the week compared with $30,974,034 for the week ending May 15.
— RLinnehanXL (@RLinnehanXl) May 27, 2022
Operators like BetMGM, Caesars Sportsbook, PointsBet, and others we’re hoping for a tax adjustment as the state progressed in the space. However, that has yet to happen.
Interestingly enough, with no new states set to launch within the next two-three months, expansion outside of the US might be the route for some of these online sportsbooks. With the expansion into Ontario sports betting markets, it begs the question – What else is out there?
For more sports betting news be sure to follow our sportsbook review page!