In the latest figures released by the New York State Gaming Commission, mobile sports betting revenue in New York for the week ending June 23 amounted to $38.2 million. This marks an impressive 18.7 percent increase from the previous week.
Weekly Revenue Surge
The weekly revenue of $38.2 million signifies a notable growth compared to the week before. The increase of 18.7 percent highlights a robust performance in the mobile sports betting market, despite a decrease in total wagers. This upward trend in revenue suggests a higher yield per dollar wagered, indicating either increased betting activity or higher odds and margins benefiting the operators.
Wagering Trends and Market Insights
During the week ending June 23, the total amount wagered across the nine sports betting apps was $333.1 million. This represents the lowest amount wagered since the week ending September 3, which was just before the start of the NFL season. This decrease in wagering volume is significant, as it indicates a shift in bettor activity or preferences, potentially influenced by the off-season or a lull in major sporting events.
The nine sports betting operators collectively achieved a hold rate of 11.5 percent, which is calculated from the total wagers placed. The hold rate is a critical metric for assessing the profitability of sports betting operations, reflecting the percentage of wagers that the operators retained as revenue. Despite the lower wagered amount, the positive revenue results suggest that the operators effectively managed their betting lines and odds to maintain profitability.
Tax Revenue Contributions
The positive revenue performance also translated into substantial contributions to state tax revenue. The operators collectively generated approximately $19.5 million in state taxes for the week. This amount underscores the significant role of mobile sports betting in supporting state finances, reflecting both the scale of betting activity and the effective taxation framework in place.
Cumulative Revenue and Market Stability
Over the course of 129 weeks of operation, cumulative mobile sports betting revenue in New York has reached an impressive $46 billion. This figure represents the long-term growth and stability of the sports betting market in the state. The consistent revenue generation over more than two years highlights the sustained popularity of mobile sports betting among New York residents and the market’s resilience against fluctuations.
The latest data from the New York State Gaming Commission illustrates a dynamic landscape for mobile sports betting in New York. The weekly revenue increase, coupled with insights into wagering trends and tax contributions, provides a comprehensive view of the current market situation.