Sportsbooks in New York Saw Less Action Last Week
In our latest sports betting news in our pay per head blog, we are taking a look at one of the biggest betting markets in the US. Sportsbooks in New York take in a lot of wagers, and have so since legalizing online sports betting in the state. Online wagering has been legal for a little over a year, and the state has pulled in billions of wagers in its maiden year alone.
Normally, sports betting regulators and operators release monthly statements or reports that document the total handle, gross and net revenue, as well as the tax revenue of the state. These reports are very helpful in analyzing the betting market as a whole. It can also help you look at local factors that could affect betting in the state in that period. New York is interesting because aside from their monthly reports, they also release weekly betting reports.
Sportsbooks in New York See Less Action, Less Revenue
If you are wondering “how much money do I need to be a bookie”, then you can easily see that the potential to earn on a weekly basis makes it easier for you to fund your bookie operation. In fact, pay per head providers also charge their fees based on each active player you have each week. Also, your bookie software can check your sportsbook’s activity each week, much like what New York does.
According to the New York State Gaming Commission (NYSGC), the total weekly handle ending in April 2 is at $339.9 million. Most states would be proud to boast of a handle like this covering a month, but for New York, this is actually lower than the previous week, and its just the handle covering 7 days. The previous week’s handle is $362.7 million, so the difference is not really that big.
Meanwhile, you can look at how much you can earn with your sportsbook software and use this basic guide. Gross gaming revenue is at $27.3 million, with an 8% hold. This is lower than the previous week of 443.8 million and a 12% win rate. But if you are earning millions each week, then there really is no room for complaints.