New York Announces Record Monthly GGR

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The online gambling juggernaut continues to gather pace in the USA, with New York the latest state to announce whopping figures.

More than $1 billion was accrued in gross gaming revenue (GGR) in a single month in the state – mainly thanks to some huge sports coming to a head. The likes of the NBA championships (basketball) and the Stanley Cup finals (Ice Hockey) dominated the sporting calendar in the USA.

The figures are staggering, though pundits are urging a scaling back in expectations for the rest of the summer – a typically slow month in the sports betting sector.

Eric Ramsey, the PlayUSA market analyst, told PlayNY.com: “We know the warm months will be slower for sportsbooks across the country, corresponding to the pace of the US sports calendar itself. The question for the rest of the summer is how much that slowdown will impact New York and how large the recovery surge will be this fall. Is this the beginning of actual pullback, or just a little bump in the road to next football season?”

Industry bosses will hope for some product conversion into other gambling services during the quieter months. A prevalent pastime for sports bettors is online roulette for real money – these types of games can help sustain betting sites when the sporting calendar is dry.

There was further good news for government officials – after just five months of legal sports betting, Gov. Kathy Hochul confirmed the New York state had collected $267 million in tax revenue – beating all other states, regardless of the launch date.

What Is The Value Of Sports Betting In USA And How Is Set To Increase?

In 2021, the US sports betting market was valued at USD 76.75 billion by Indian & U.S.-based market research and consulting company Grand View Research. They estimate the sector’s value to grow at a compound annual growth rate (CAGR) of 10.2% from 2022 to 2030.

According to the study, the rise in demand for sports betting is down to a number of factors: “The demand for sports betting is driven by factors like the shifting regulatory landscape of the entire gambling sector, the penetration of connected devices, and the developing digital infrastructure. The COVID-19 pandemic greatly influenced the sports sector due to restrictions on sporting activity in most parts of the world. However, online sports betting expanded in popularity during the pandemic due to eSports betting.”

With more states set to confirm new regulatory guidelines on sports betting, the future looks rosy for the betting industry.

Is Inflation Having An Effect?

There is a general feeling of bullishness among some huge US sportsbooks, with some declaring no difference in customer figures despite the pressures of inflation.

Indeed, DraftKings was able to announce first-quarter earnings of $417.2million, beating the estimates of Wall Street by a cool $ 3 million.

The CEO of DraftKings, Jason Robins, told Yahoo Finance Live that the sports betting industry remains resistant to rising prices: “We’re seeing absolutely zero impact to our customer cohorts due to any sort of inflationary pressures or otherwise, any other macroeconomic factors.”

He referenced the performance of rival sportsbooks in historical downturns, reiterating that this is not news to keen observers of the sector: “Gaming has generally been very well-performing during economic downturns, recessions, inflationary periods, and the like. So this is not a new thing. This has been well-known in the industry for quite some time. And we’re certainly seeing the same thing materialize in our numbers.”

 

SOURCEPlayNY.com

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