The first week of the NFL season brought a surge in betting activity for New York’s eight online sportsbooks. According to the New York Gaming Commission, New York sportsbooks saw $476.3 million in wagers in the week ending September 8. This is 14.5% higher than the same week in 2023. New York has always seen a lot of volume in their wagers, but the boost is due to the start of the NFL season.
The NFL opened the season with a lot of exciting games, not just for fans but for those who are into sports betting too. Bookies also enjoyed the outcomes of games, as it was mix between underdog and favorites covering the lines. This is why if you have plans to be an online bookie, you should get started as early as possible.
New York Sportsbooks See Handle Climb, But Revenue Drops
Despite the welcome increase in handle, the state also reports a low hold percentage. This number is important for sportsbooks as the hold tells us how much sportsbooks get to keep as revenue versus how much is paid out as winnings to players. When you manage your own sportsbook, you can use a pay per head software to keep track of these figures. If you do now know what this is, you can read this to find out what is pay per head software. This can help you understand how a pay per head bookie solution can help you easily keep track of the metrics of your sports betting operation.
The hold rate for the week is a paltry 6.8%, which gives 43% in year-on-year revenue at #32.2 million. Last year, the win rate for the same week was a generous 13.6%. The 6.8% hold also marks the third straight week that the hold for New York sportsbooks is below double-digits.
Will We See Better Numbers Next Week?
The data covering the report does not include betting activity on Monday’s game between the New York Jets and the San Francisco 49ers. Given that this is a game featuring a local team, the handle will definitely be higher. The question is, will revenue follow the same pattern as the handle?
If we look at the weekly data, the numbers are not as bad. We have a 6.2% increase in revenue from the previous week. It is also the third time in the last four weeks that revenue has hit above 30%. This indicates a consistent level of profitability for operators despite the fluctuations in hold percentage.
As the NFL season progresses and bettors and bookies alike will adjust their strategies, it will be interesting to observe how these trends evolve. We’ll be able to compare these trends as we track the latest global gambling news and trends and look at the sports calendar as well. Regardless of the trends, it seems that the football season’s arrival will boost New York sportsbooks’ numbers even more.
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