Regulated mobile sportsbook reported strong betting handle and revenue for the week ended August 21, judging by newly released figures.
Mid-August Betting Handle, GGR Increases in New York
The New York State Gaming Commission, which is the government body tasked with regulating sports wagering, has announced the financial results for sportsbooks reported for the week ended August 21. Judging by the recent data released by the Commission, the total betting handle for the week until August 21 hit $200.1 million, while mobile sports wagering gross gaming revenue (GGR) hit $24.4 million.
When compared to the $197 million in betting handle reported a week earlier and the $21.1 million in mobile betting GGR, the recent result marks a slight increase. However, the $200.1 million in betting handle marks the first week with a result above $200 million after a decrease that was observed in the last month and a half. What’s more, the mobile betting GGR for the week until August 21 marks the best result in the last month.
Fanduel, DraftKings and Caesars Report Strong Betting Handle
It’s no surprise that the premier sportsbook operator FanDuel reported the highest betting handle for the week until August 21. Overall, the operator reported a betting handle of $85.5 million, which translates to a total of $12 million in mobile sports wagering GGR for the period.
The second-highest betting handle was reported by DraftKings. The operator’s betting handle for the week until August 21 hit $55.3 million, which brought DraftKings $6.6 million in GGR for the period. The third-highest betting handle for the week ending August 21 was reported by Caesars Sportsbook. For the period, the operator reported $26.9 million in betting handle. This means that Caesars Sportsbook’s GGR for the week was $3 million.
BetMGM was another mobile sportsbook operator in New York that reported a strong betting handle and GGR for the week until August 21. The sportsbook’s total betting handle for the period was $17.1 million, while its mobile betting GGR hit $2.1 million. According to the State Gaming Commission, Rush Street Interactive reported $6.8 million in betting handle for the week until August 21, while its GGR was $545,000.
It was back in January this year when New York launched its mobile and online sports betting market. In its first few months of operations, the mobile betting market in the state proved it holds significant potential and surpassed betting handle and GGR records set in other US states where the activity has been legal for years. Currently, brick-and-mortar sportsbooks are subject to a 10% tax rate, while online sportsbooks pay 51% tax.