In the latest pay per head news, the numbers are in for the US’ largest betting market: New York. According to the New York Gaming Commission, New York sportsbooks set an impressive 11.3% hold percentage. It’s even more remarkable as this was recorded during one of the slowest months in sports betting.
The Empire State’s sportsbooks took in $1.26 billion in monthly handle. Other betting markets would see a billion-dollar handle for a year, or maybe half. This is how large the local market is compared to other states. Even with the handle as high as a billion, it is actually 14.4% lower than the previous month.
However, month-over-month revenues are higher than the previous month by 4.8%. Revenue for July is $140.3 million. Credit for this goes to the double digit hold percentage for the month. All of the nine sportsbook operators in the state saw month-over-month growth in revenue.
A Closer Look at New York Sportsbooks
July is a weak month in terms of available sports betting options. It also does not help that the Major League Baseball (MLB) had its All-Star Break in July. With the MLB as the only Pro League in season, action is slower than other months. Taking away games for a week hurts the bottom line even more.
But the market was saved by the tail end of a few soccer tournaments. You also have the first half of the Olympics happening in July. These events helped boost betting activity in sportsbooks across the state. It could also be the reason why the year-over-year numbers increased as well. According to the report, the handle increase by 31.1% from July 2023. Year-over-year revenue also jumped by 33.5%. As large as the betting market of New York is, the year-over-year data still shows a still-maturing betting industry.
What’s Next for Sports Betting this August?
The US market is very busy this month, as seen in reports from gambling interaction and other gambling news sites. The Olympics are in full swing. And the US is at the top spot for the most number of gold medals. They are also in the running to hold the highest number of total medals as well. In addition, the US Men’s National basketball team is still in overdrive, aiming to win the Gold medal. And that sport alone can generate millions in handle.
You also have the MLB running as it gets closer to the playoffs. Football betting is expected to pick up this August as well. College football season will begin in a few weeks. Meanwhile, the NFL kicks off the regular season in September. Expect that your bookie operation will be getting a lot of opening action on both football leagues. And if New York sportsbooks saw a billion in wagers in a slow month, we are more than excited to see what a busier month will bring.
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