When you become a bookie, you will have to study the sports betting markets, especially those local to you. It helps to look at the trends, know when the handle dips, increases, and more. It will help you understand how betting works with the sports calendar, and how a higher handle does not mean you can get higher revenue. And when it comes to sports betting markets, New York is one of the most interesting. It is one of the largest betting markets in the US. And since they report their data weekly, we can easily find out that New York sees a surge in sports betting again.
Our bookie pay per head blog will take a look at the numbers, and find out what drives the sports betting market in New York. According to the New York State Gaming Commission, online sports betting in the week ending March 5 has a handle of $410.8 million. Given the time of year, this could be the start of March Madness season.
New York Sees a Surge in Sports Betting: What Drives the Market
The handle is higher than the previous week’s $353.8 million, which is a huge jump in handle. As for the gross gaming revenue, another figure important to those who use a pay per head sportsbook service, the numbers are slightly lower. The gross gaming revenue for online wagering in New York is $25.8 million, which is lower than the $28.4 million GGR of the previous week. The hold for the week is 6.3%, lower than 8% from the previous week, which explains the decline in revenue. But since we are seeing a higher handle, the market is still doing great.
The $35.8 million GGR is for the week, too, which is just as high as the monthly GGR of other states. Now, we have the NBA closing in on the playoffs, which drives a lot of handle, especially since the New York Knicks have been on a streak. College basketball betting will also continue to heat up as we get closer to March Madness, so many expect the handle to rise in the coming weeks.