In April, the New York State Gaming Commission revealed a robust sports betting handle of nearly $1.97 billion, narrowly missing the $2 billion mark, marking the fourth time in history it came close to this milestone. The impressive figures were partly fueled by revenue collected in the final week of March, which was absorbed into April’s financial records due to the state’s fiscal year starting on April 1st. Consequently, there was a notable 6.2% month-over-month increase in handle from March, a rarity in the industry, accompanied by a 20.6% surge in sports betting revenue, reaching $184 million.

This handle places New York fourth all-time nationally in the post-PASPA era, reaffirming the state’s monopoly on top-10 all-time totals. Similarly, the revenue total ranks fourth overall, with the Empire State claiming eight of the top-10 monthly operator winnings, leaving states like New Jersey and Ohio trailing with just one apiece.

Steady Growth and Revenue Surge

Comparing April 2024 to the same period in 2023, there was a notable 27.1% increase in handle and a 32.1% surge in revenue, showcasing a steady growth trajectory in New York’s sports betting landscape. The total accepted bets through the first four months of 2024 reached $7.57 billion, marking a 14.4% increase from the previous year. Moreover, the near-9% win rate generated $679.6 million in revenue, a substantial 21.1% increase.

The state collected $93.8 million in taxes, with the bulk of it sourced from New York’s nine mobile operators, demonstrating the significant economic contribution of the sports betting industry. Year-to-date, the state’s tax receipts stand at $345.1 million, surpassing last year’s pace by $59.6 million and on track to exceed $1 billion, doubling the initial projections set by former Governor Andrew Cuomo.

FanDuel’s Remarkable Performance

FanDuel showcased an impressive recovery with an 11.7% hold, avoiding its third consecutive month with a sub-10% hold. This achievement is noteworthy, especially considering the challenges faced in the early months of mobile betting in New York. With a win rate of 11.7%, FanDuel amassed $91 million in revenue from $780.5 million worth of wagers, surpassing $1.8 billion in total revenue in the Empire State.

Distinct Performances of Leading Operators

DraftKings witnessed a remarkable 42.7% year-over-year increase in handle, reaching $737 million, while maintaining a solid 8.6% hold, resulting in a substantial revenue of $63.2 million for April. Caesars, however, experienced a decline in market share, with its 8.1% contribution to the total mobile handle marking an all-time low. Despite this, Caesars managed to surpass $400 million in total revenue.

Fanatics Sportsbook, in its first full month as an operator in New York, reported $5.6 million in revenue, setting an all-time high, with a 7.5% hold. Similarly, BetRivers and BetMGM showcased steady performances, contributing to the diverse landscape of sports betting operators in the state.

May’s Promising Start

The first week of May saw a promising surge in sports betting activity, with a combined handle of $484.1 million among the nine mobile operators. DraftKings led the pack with its second-highest week of action, totaling $217.2 million in handle. FanDuel, accounting for more than half of the operator winnings for the week, reported $12.6 million, contributing to the overall positive momentum in New York’s sports betting industry.

Source: “New York Narrowly Misses $2 Billion In Handle for April”. Sports Handle. May 10, 2024.

The post New York State Sports Betting Handle Just Shy of $2 Billion in April appeared first on Keno Wizard.

Amid the buzz surrounding the upcoming Super Bowl, speculation has been rife regarding whether pop sensation Taylor Swift will grace the event to support her boyfriend, Travis Kelce, and the Kansas City Chiefs. However, despite the anticipation among fans, US sportsbooks are refraining from taking bets on the possibility of Swift’s appearance, reported the Associated Press.

Why US Sportsbooks Avoid Non-Game Betting Unlike Offshore Operators

While offshore sportsbooks like BetUS in Costa Rica and potentially those in Ontario, Canada, might entertain such wagers, the situation is different within the United States. Betting laws in the US vary from state to state, and the prevailing norm restricts wagering to on-field events. 

Although some states permit unconventional bets like predicting the color of the Gatorade showered on the winning coach, even these options are off-limits in Las Vegas, renowned for its stringent regulations on sports betting.

The reluctance to accept bets on non-game occurrences is grounded in a desire for objectivity. According to John Ewing, a public relations manager at BetMGM, the preference is for bets to have clear outcomes without room for interpretation. 

This sentiment is also echoed by Adam Pullen, assistant trading director at Caesars Sportsbook, who acknowledges the industry’s progress but suggests that certain types of bets, including those related to celebrity appearances like Swift’s, might still face regulatory hurdles.

Taylor Swift’s Impact on NFL Betting Trends

Swift’s relationship with Kelce has been a notable subplot throughout the NFL season, with the singer attending several Chiefs games, including their triumph in the AFC championship game. 

However, conflicting schedules due to Swift’s performance commitments in Japan during Super Bowl weekend have fueled speculation about her attendance in Las Vegas.

Back in October when Taylor Swift’s relationship with NFL star Travis Kelce was still only a rumor it sparked a surge in betting activity, particularly on Kelce’s performance, with bets doubling since the dating rumors emerged. Kelce became the most wagered-on NFL player for anytime touchdown bets during a recent game, reflecting Swift’s significant influence on the market. 

Despite the natural inclination for fans to wager on such high-profile appearances, the consensus among industry insiders is to prioritize bets linked directly to on-field action. This approach aligns with regulators’ concerns about maintaining the integrity and clarity of betting outcomes.

While the absence of betting options on Swift’s potential Super Bowl appearance may disappoint some enthusiasts, it underscores the ongoing evolution and regulation of the sports betting landscape in the United States. 

As anticipation builds for the showdown between the Chiefs and the San Francisco 49ers, fans will have to content themselves with traditional betting options centered on the game itself.

The post US Sportsbooks Shy Away from Taylor Swift Super Bowl Bets appeared first on Keno Wizard.