New York Sports Betting Not Immune to Summer Slowdown – The Action Network

Its led every state in dollars bet since launching online sports betting, but even New Yorkis beginning to fall victim to the annual summer slowdown.

The$248.2 million bet from June 6 to June 12 marksits third new weekly low in a row, according to data released Friday by the New York State Gaming Commission. New York, which launched online betting Jan. 8, hasnt surpassed $400 million in a week since March though most states have yet to hit that in a month.

The drop-off is in line with what states like New Jersey, Nevada and Pennsylvania have grown accustomed to this time of year, when the sports calendar is barren. They each reported their lowest bet totals (handle) last year from June to August.

With the NBA now over and the NHL over in a couple of weeks, you can bet on New Yorks first drop-off to continue, though having two of the best teams in baseball should help a little.

Dollars should start pouring in again when football season starts in September.

The good news for New York? It is still raking in the tax dollars.

Despite the drop-off in betting, operators made good revenue this past week, thanks to New Yorkers losing most of bets they did make.

That translates to roughly $11 million in tax revenue for the state, which is about $3 million more than New York made during its second-highest week of bets back in February, when operators were still offering $3,000 first-deposit matches.

Theyve backed off on those amid New Yorks 51% tax rate, which some say has become untenable. Still, the battle for market share in the most populous legal betting state continues.

FanDuel led all operators in bets for the week, as it has since day one.

From June 6 to June 12, New Yorkers bet $109 million on the FanDuel Sportsbook app. Thats about 44% of all dollars wagered in the state, and a significant increase from the already large38% share of the market FanDuels held since January.

Its now the only New York operator to surpass $3 billion in bets.

DraftKings followed with 26% of the weeks handle, which is in line with its market share historically in the state.

Caesars and BetMGM were the only other New York sportsbooks to even sniff those numbers.

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New York Sports Betting Not Immune to Summer Slowdown - The Action Network