You didn’t really think the through the roof handle in New York would just keep rolling out at the rate it did in January and February? What goes up has to come down, and the volume has declined for five straight months, according to NY Online Gambling.
July marked the first month bettors failed to reach $1 billion, finishing with $800.8 million in handle, based on figures released in the New York State Gaming Commission’s monthly report.
Gross gaming revenue (GGR) for July totaled $73.3 million, for a hold rate of 9.2 percent. The revenue surpassed June’s handle of $1.05 billion, as the hold rate was just 6.9 percent.
For the week ending July 31, New York’s handle increased from the previous week, likely thanks to the MLB All-Star break. The total handle for last week was $177.8 million, an increase of $28 million. The GGR for the week came in at $22 million.
Since the January 8 launch, the Empire State has accounted for $9.3 billion in handle, $680.5 million in GGR, and $347 million in tax revenue , thanks to a 51 percent tax.
The decline in handle could reflect declining marketing and promotions from the sportsbooks. The various operators had deep discounts at the outset, which left them at a loss.
FanDuel reported $347.7 million in handle for July and $39 million in GGR; DraftKings had $213.5 million in handle and $15.8 million in GGR; Caesars Sportsbook took in $118.2 million in handle and $8.7 million in GGR.
