Football betting continues to drive growth in sports betting markets across the country. The increasing activity of NFL betting has resulted in a boost in revenue for the New York sports betting market. According to the latest report from the New York Gaming Commission, sportsbooks in New York saw a 21% year-on-year increase in revenue for the week ending September 22. If you are in the process of becoming a bookie, make sure that you get a good pay per head software provider. This will help you track the status of your sportsbook each week as well.
The data you generate from reports from your pay per head bookie software will also help you identify the factors that affect the source of handle and revenue. For this particular week, revenue is driven by both an increase in betting activity, and a number of upsets in the NFL.
New York Sports Betting Market for the Week Ending September 22
The handle for the week ending September 22 is $480.1 million, which is much higher than the same Week 3 of the NFL last year at $428.3 million. There is also a slight increase in handle from the previous week’s $478.2 million. This is the fourth straight week that the state’s sportsbooks have seen a handle go up north of $400 million since football season began.
The handle has a 9.1% hold, which is much lower than the previous week’s outrageous 14%. But still, it gave sportsbooks $43.5 million in revenue. While this is lower than the previous week’s $69.2 million, its still 20% higher than the same period from last year.
Year-on-year growth in numbers means a still-growing betting market in New York. As the season progresses, it would not be surprising to see the state’s sportsbooks continue to improve in performance in terms of both volume and revenue.
NFL Week 3 Upsets Sustain Revenue
Week 3 in the NFL gave us a lot of upsets. The Houston Texans, San Francisco 49ers, and the Tampa Bay Buccaneers all lost outright as favorites. With a lot of underdog wins this week, bettors lost out more that week. This meant more revenue for sportsbooks to keep, thus maintaining high revenue.
Data from your sports betting software will show you the activity which will help you profile your players. If you have a lot of wagers on favorites, it usually means you have a lot of public betting. And when you have that, and see a lot of upsets, it means your sportsbook will earn more. This is risky however, since you want a balanced book to minimize risk. In this case, public betting was higher than sharps betting on underdogs, giving us that 9.1% hold rate.
As we get to the first full month of the NFL season, it is expected to see a higher handle. Depending on the outcomes of these games, we may see revenue increase. Or, at the very least, see that the handle and revenue maintain staying above $400 million and $40 million, respectively.
