New York sports betting has established a new weekly low in the handful of online sports betting of June 6-12, 2022with books combining for $248.2 million.
Total gross gaming revenue in New York, however, rebounded from the previous week, rising from $10.8 million (New York low) to $21.7 million.
New York sports betting is feeling a seasonal slowdown
As mentioned before, this is still the slowest sports betting season.
The NBA Finals has just ended, while the Stanley Cup final will end soon.
The New York Rangers’ surprising playoff streak ended on June 11, with a 4-2 loss to the Tampa Lightning in Game 6 of the Eastern Conference Finals. The Rangers were the NHL’s biggest remaining liability for FanDuel and DraftKings NY.
Soon, MLB betting will be the only major professional sports betting option. The NFL’s first full season with legalized online sports betting in New York begins September 8.
Other states are also affected, with neighboring New Jersey posting $766 million in sports betting in May. By comparison, New York’s online sportsbook saw $1.3 billion in online sportsbooks during the month.
Overall, from the January 8 launch to June 12, New York Online Sportsbook has combined for $7.9 billion on hand, $563 million in total GGR and $287 million in tax revenue.
Since legalization, New York online sports betting steady at 7.1% — exactly at the post-PASPA U.S. average of 7.1% nationally.
PlayUSA Network data analyst Eric Ramsey said:
“It’s hard to read too much into the expectation of the operator for a single week, but recent trends seem to reveal the popularity of Rangers betting in New York, both on single matches and on futures. The margins could increase a bit in the summer months once the NHL and NBA futures settle.
FanDuel NY posted a 44% market share and 41% revenue sharing from June 6-12.
DraftKings finished second with a 26% market share and 28% revenue sharing. Overall, FanDuel held on to 8.1% at DraftKings 6.7%.