Following a historic revenue run, New York’s mobile sports betting handle continued its recent decline in July.
Soon after becoming the 18th state to legalize online sports betting, New York emerged as one of the top markets in the industry. But over the last several weeks, New York watched as its mobile sports betting handle dropped to new lows.
Last week, the New York State Gaming Commission (NYSGC) issued its latest update on mobile betting. This updated revealed the state’s lowest handle total for a full week since it began taking wagers in January. The number, $183.9 million in bets for the week ended July 17, follows a recent downward trend in activity for New York’s nine legal sportsbooks.
Despite the new lows, though, New York continues to reap the rewards in mobile sports betting tax revenue.
Seasonal Slowdown Continues in New York
While many experts in the field expected this summer slowdown in mobile sports betting, few envisioned such a precipitous drop. As major tournaments wrapped up and with most major sports on offseason hiatus, options for New York residents to pursue in mobile sports betting reached new lows as well.
The latest update from the NYSGC showed the state’s most recent week saw less than $200 million in the handle. What’s more, gross gaming revenue (GGR) from New York mobile sports betting hit a record low, too. The state saw just $6.2 million in GGR for the week ending on July 17th. The state’s previous low was $10.7 million, coming back in early June.
The wagering activity drop affected each of those online sportsbooks, including FanDuel. This pushed the hold for New York’s nine online sportsbooks to 3.4 percent for that week.
FanDuel, the state’s leader in mobile sports betting handle, regularly handled over $100 million per week prior to this summer swoon in betting activity. The latest figures show New York’s mobile sports betting giant handled $76.5 last week, a new low for the sportsbook.
This seasonal slowdown trend continued after hitting lows the week prior. In the period ending on July 10th, New York state handled $190.2 million, with $27 million in revenue.
Despite the new lows for New York mobile wagering, the United States still reached the $10 billion mark in sports betting revenue. That figure comes from a reported $141 billion in handle for legalized sportsbooks across the country.
New York Mobile Sports Betting Handle During Week of July 17
This mobile sports betting handle low for the state of New York came during a week with limited wagering opportunities for residents.
Major League Baseball enjoyed its All-Star break during this seven-day period, further limiting the betting options. Many of the famous golf and tennis tournaments, like the US Open and Wimbledon, have been completed as well, further shrinking the potential betting pool.