New York Sportsbooks See Lowest Weekly Handle of the Year
Last updated on July 27th, 2024 at 03:34 pm
If you read a lot of bookie news and updates, you will be getting a lot of reports on sports betting markets across the country. In recent weeks, you will have read about the drop in betting activity in most markets across the US. The Empire state is not exempt from this, with New York sportsbooks seeing the lowest weekly handle in 11 months.
Historically, it is normal for sportsbooks with US players to see a dip in betting activity during the summer months. This is because some of the most popular sports leagues that people bet on are in between seasons. The NFL and NBA are both on a break, plus college basketball and football are also not running. These four leagues alone contribute to majority of the betting handle sportsbooks see throughout the year.
New York Sportsbooks in July
According to the report from the New York Gaming Commission, the total weekly handle for sports betting in the week ending July 21 is at $224.6 million. This is the lowest weekly seen in the state since August 13, 2023 ($223.8 million). The main culprit to the drop in handle can be seen in your gambling software.
The Major League Baseball (MLB) is the main source of betting activity in most sportsbooks during the summer. However, the MLB is on its annual All-Star break, so there were no games during the week. And despite the dip during this week, the numbers are actually better than last year. The handle for the same period last year is only at $162 million.
Thus, even with the lowest recorded handle so far, there is year-on-year growth. So if you are new to the sports betting industry looking at pay per head comparisons to start your sportsbook, there is no need to worry.
Olympics Could Boost the Next Few Weeks
Looking at the sports calendar, the MLB will be back in full swing, and European soccer matches will be underway. This gives bettors a good variety of options to bet on. Even better, the Olympics will be starting on the 26th, with some events already happening a few days before the opening ceremony. Many in the industry believe that the Olympics could give sportsbooks the much-needed boost in numbers.
The Olympics will run for three weeks, with an enormous number of betting opportunities for players. Back in the 2020 Summer Olympics, around $58 billion was wagered across the country, with revenue hitting $4.3 billion. Back then, there were less than 20 states offering sports betting, and now there are 38.
Bookies will be able to offer over 40 sports, which includes popular events like basketball, soccer, tennis, golf, boxing, swimming, and athletics. In addition to these popular events, the Olympics have also added more sports in their repertoire, such as surfing, and more. Add in the popularity of live betting, then your sportsbook may see more action to help tide you over during the slow summer months.
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