New York Sees Increase in Online Sports Betting – Casino Reports

The mobile sports betting market in upstate New York is heating up once again with the arrival of this year’s March Madness. On Friday, the New York Stage Gaming Commission reported that local bettors placed more than $410 million in wagers across the state’s nine online sports betting apps and their favorite sporting event in the week ended March 5, 2023.

The Empire State saw the launch of its regulated online sportsbook sector on January 8th, 2022 and is operated through nine digital sportsbooks. According to Gov. Kathy Hochul, the market brought the state more than $700 million in tax revenue and another $200 million in royalties in its first year of accepting bets.

Starts March strong

The latest weekly reports from the New York State Gaming Commission, which regulates the market, notes that operators generated an online bet for the week ending March 5, 2023 Handle of $410.8 million. This is a significant increase from the previous week’s results, when New Yorkers wagered around $353.8 million across the nine bookmakers.

The NYSGC report also said that gaming revenue for the week reached $25.8 million, down slightly from the previous week’s $28.4 million. That means the hold was for the sportsbooks only 6.3% That was lower than the week of February 25 from 8%. Also, operators are taxed at a high 51% of revenue.

Despite the fluctuations surrounding the online betting handle, there have been no changes in the rankings among operators. Local FanDuel again ruled sovereign since it collected most of the total wager. The operator reported $169.3 million in weekly betting volume on its platform for the week ended March 5, which translates to over $8.8 million in pre-tax revenue.

Second place was again reserved for DraftKings as the bookmaker took in over $137.4 million in weekly betting activity. It reported $10.4 million in sales which was higher than FanDuel’s tally. Meanwhile, Caesars Sportsbook ranked third again with over $55.8 million in online betting and nearly $3 million in gaming gross for the week.

Communicating Changes to the Advertisement

In early March, the NYSGC held a meeting where it adopted almost unanimously Sports betting advertising regulations in the country. The new Rules will seek to regulate the advertising, marketing and promotion of sports betting amid concerns about the advertising and marketing of sports betting at colleges and universities. However, the new regulations are not yet in force.

In January 2023, Democrats Luis R. Sepúlveda and Leroy Comrie introduced Senate bill S1550. If the law is passed, all gambling and sports betting commercials in the state will be required to do so notifications included about a possible negative effect. In addition, it will also require that all advertisements carry the New York Problem Gambling Hotline number 1-877-8-HOPENY.

Source: Zochodne, Geoff”New York reports another weekly increase in sports betting sites” coversMarch 10, 2023