The New York sports betting market has shown remarkable resilience despite a slight dip in its latest weekly figures. After maintaining an impressive streak of four consecutive weeks with handles exceeding $500 million, the Empire State’s betting volume has moderated but continues to demonstrate a good number in terms of revenue.
According to the latest report from the New York Gaming Commission, the week ending November 11 saw a total betting handle of $491.6 million across the state’s nine licensed mobile operators. While this figure represents the lowest handle since mid-October, the state’s revenue numbers are quite notable in this week.
New York Sports Betting Market
The sportsbooks achieved a remarkable 10.7% hold rate, translating to $52.8 million in revenue. This efficiency in converting wagers to revenue highlights the operators’ growing sophistication in managing their books and setting effective odds. The strong hold rate helped maintain the streak of $50+ million in weekly revenues for the fourth consecutive week, even as the total handle declined. If you want to see how your sportsbook performed, you can use this pay per head software to generate reports.
Examining the week-over-week comparisons reveals modest declines, with the handle dropping 6.8% and revenue decreasing by 4.3%. However, a year-over-year analysis presents a more nuanced picture. While the betting handle showed a 7.2% decrease compared to the same week in 2023, sportsbooks significantly improved their profitability, generating 29.7% more revenue than the previous year. A lot of the reports you read in the latest gambling news and reports show the same trend across other states.
Betting Market Streak
The market’s current performance is particularly noteworthy for achieving consecutive weeks with double-digit win rates, a feat not accomplished since the transition from September to October. There are a lot of reasons why this is happening. But during this time of the year, most of the credit goes to the busy sports calendar.
The timing of this performance coincides with one of the most active periods in sports. The convergence of multiple major sports leagues – including the NFL, college football, NBA, college basketball, and NHL – typically drives increased betting activity. Then you also have niche betting in sports like racing, eSports, golf, and more, adding to the mix.
New York Thanksgiving Projections
Looking ahead, the approach of Thanksgiving week could generate another surge in betting activity. The holiday period traditionally features high-profile sporting events, particularly in football, which could help New York set another streak of $500+ million weekly handles. The combination of vacation time and sporting events typically creates favorable conditions for increased betting participation. Something you should always keep track of as a bookie.
As long as you are prepared with the right bookie software, you will be able to handle a very busy Thanksgiving weekend for sports. While your sportsbook is unlikely to see the same volume as sportsbooks in New York, you can still earn quite the profits with the schedule in the next few weeks.
