A Long Overdue NY State Sports Gambling Update

Well that was a longer break than I envisioned. Nothing serious, just life and being busy. But I've finally found time to jump back in and analyze how the sports gambling market in New York has settled in the three months since my last update.

Wagers placed have dipped recently, likely as a result of the end of both regular season and early stages of the NBA and NHL playoffs, where multiple games proliferate (when there's only one or two games a night, or even worse, three to four a week, volume will fall). It's the same pattern seen at the start of the year when the NFL postseason saw the number of games played diminish each week.

We're still seeing over a quarter billion dollars wagered each week in NYS (as ever, note that doesn't mean New Yorkers are putting that much money down, you can reinvest your winnings into new wagers), but this is below the level seen up to the start of May, which was typically north of $300m.

For 2022 to the week-ending June 5, $7.7 billion has been wagered in New York. This translates to sportsbook revenue of $540m (which means NY schools have also seen a similar figure via taxes paid by the operators).

Last week was the lowest week on record for revenue among operators, with just $11m made across the 8 currently open for business.

Falling revenues have been a trend for several weeks (fewer big games to bet on means a more fallow period, with another factor being sporting upsets), with only DraftKings arresting the slide.

FanDuel has made almost twice the revenue of that of biggest rivals DraftKings and Caesars. The three make up the vast bulk of the NYS market.

FanDuel remains the largest sportsbook by share of wagers, settling into a range typically of 42%-44% of all New York State wagers placed weekly. DraftKings is second (23%-28%) and Caesars is third (15%-17%). MGM has a solid fourth place (9%-11%) with all other bookies seeing around 6% of the market.

I hope that was interesting. I'll likely switch to this being a monthly update from here on, but please share, like and let me know any comments you may have.