New York sports betting has begun a period of tapering off, it would appear.
For the week ending May 15, the most-active sports gambling state in the country reported its lowest volume of action since mobile sports betting went live on Jan. 8. Figures from the New York State Gaming Commission show the eight online sportsbooks reported $286.2 million in handle, breaking the low-water mark from two weeks previous (also the only other week below $300 million). The weekly gross gaming revenue was $31 million, good for a hold rate – or loss rate for gamblers – of 10.8%.
Action has abated since the heady early months of sports betting in New York, which were fueled by the NFL playoffs and March Madness.