New York Sports Betting Industry Posts 15th Straight $400 Million-Plus Handle Week

The New York legal sports betting industry and our best sportsbooks are showing no signs of slowing down.

The New York Gaming Commission released its weekly sports betting figures for the seven days ending January 21. Despite no full schedule of NFL action and zero college football games, the New York sports betting scene still managed to top $400 million in weekly wagers.

While the week-over-week handle was up for New York sports betting apps, revenues were down from the previous seven-day period, thanks to a diminished hold rate for state providers.

Perhaps the biggest news out of the latest New York sports betting report is that providers' combined revenues surpassed the $3 billion milestone. Only neighboring New Jersey has reached that mark, and the Garden State industry has been active for nearly four more years than New York's.

$490.7 million weekly handle

New York sports betting sites and the state's retail providers combined to take in $490.7 million in wagers for the one-week period that ended January 21 as residents took advantage of various NY sportsbook promos. That figure represents New York sportsbooks' sixth-highest weekly sports betting handle.

It is also a 10.1% week-over-week increase and is the 15th straight week that New York sportsbooks have reported more than $400 million in accepted bets. Last week's handle is the highest since the busy November Thanksgiving wagering period.

Revenues drop week-over-week

While New York's legal sports betting handle impressed during the week ending January 21, revenues for Empire State sportsbooks didn't strictly follow suit.

Just over $47.5 million in adjusted gross revenues were reported for the one-week period, almost $20 million, or about 29.4% less than the week before when NFL Wild Card Weekend produced a record $67.3 million in weekly revenues for state providers.

What is the reason for the dip in weekly revenues for New York sports betting sites? The sportsbook hold rate fell week-over-week from a second-best ever of 15.1% for the week ending January 14 to 9.7% for the week ending January 21.

The state's 51% tax rate collected just over $24.2 million in taxes from adjusted gross revenue for state providers.

FanDuel rules

FanDuel New York once again took the battle for the most popular New York sports betting app. For the week ending January 21, the wagering giant reported $216.1 million in accepted bets. Its revenue totals fell from a weekly record of $33.4 million prior to a respectable $25.8 million last week.

DraftKings New York finished a familiar second in the New York sports betting market with $166.9 million in accepted bets for the week and $16.9 million in revenues. Caesars Sportsbook New York enjoyed an 11% week-over-week jump in wagering activity and finished third with a $51.1 million weekly handle, and BetMGM New York rounded out the top four with a $29.8 million handle.

Of note, all of the New York sports betting apps reported positive revenues for the week that ended January 21, but none saw an increase during the seven day period.