Top sportsbooks have been thriving especially in New York and New Jersey, the latter being the biggest market for sports betting in this country before New York launched early this year.
Any discussion of a decline in their sports betting figures has to begin with that acknowledgment in order to put this decline into perspective. Sports betting is still a major source of revenue in both states.
Nevertheless, the sports betting numbers show a decline in both states that might appear worrisome.
One could think that the ongoing decline isn’t worrisome because of how large the numbers remain, but consider how much sportsbooks invest in things like promos, advertising, and campaigning in different states for legal sports betting.
These sportsbooks have placed a tremendous burden on themselves to maximize their profit.
They have relied disproportionately on New York and New Jersey, and they would like to see the numbers improve in both states.
A year-to-year comparison shows the decline in sports betting numbers in both New York and New Jersey.
In July of 2022, for example, the handle in New Jersey dropped 8% relative to their handle in July 2021.
Significant year-to-year declines also transpired in May and June in this state.
New York, too, suffered. Its handle in July was its lowest ever in a given month, although it still blew New Jersey out of the water.
Despite these declines in sports betting handle, the outlook must appear rather positive because football season is just around the corner.
Bettors will want to invest in their beloved Jets and Giants.
Perhaps the interest in baseball will ascend as the sport moves toward playoff time, as both New York teams are strong World Series candidates.