Online sportsbooks in New York see the highest week-over-week jump in revenue since May. August is usually a hit-and-miss month for sports betting. Other markets struggle to maintain their handle and revenue. This is because the football and basketball seasons are both on break. But some markets tend to start improving since pre-season and futures betting for football starts around this time.
And for New York, it looks like things are getting even better for sportsbooks. In the most recent two weeks, the state’s sportsbooks reported a low 7% win rate. A lower win percentage means that sportsbooks get to keep less money from the handle. A lower hold rate also means the potential to record less revenue than previous periods. But for the week ending August 18, the hold rate climbs up to 12%. This gives sportsbooks a 47% week-over-week jump in revenue. As a bookie, it will be important for you to track your own sportsbook’s trends with the handle, hold rate, and revenue. Using a good sportsbook pay per head software can help you generate the data you will need easily.
Online Sportsbooks in New York in Numbers
For the week ending August 18, the total weekly handle is at $300.2 million. With the 12% hold, it brings the revenue to $36.2 million. Keep in mind that this is a weekly data report, so to see this much wagered in a week just shows how large a market New York is. If you manage your own sportsbook, you can look into getting players from New York. With the best pay per head software solution, you can easily manage the action that you can get with a lot of players betting in your sportsbook.
The handle is slightly lower than the previous week by around 2%. But this report proves that the movement in handle does not equate a similar movement in revenue. Even with the slight dip in handle, the revenue jumped by 47%, one of the biggest jumps we have seen this year.
Sports Betting Activity in New York
The handle marks the third straight week of hitting upward of $300 million in handle. Credit goes to MLB playoff races, the NFL preseason, and other leagues as well. The WNBA and the English Premier League are both back in their respective regular seasons.
We are also likely to see the numbers improve in the next few weeks. College football starts next week, and the lines are already out for Week 0 and beyond. You also have the NFL, and they are wrapping up the last week of the preseason. There will be a short break, but the season starts in September 5. These two leagues are the most popular in terms of sports betting in the US. Thus, markets across the country will start seeing better numbers reported. You can also track your own sportsbook’s numbers through your Bookie PPH sportsbook. Don’t forget to offer your players bonuses to encourage them to place more wagers to boost your handle.
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