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Recently published figures have revealed that the New York state betting handle dropped quite significantly in February.
Any significant fall is cause for concern and that has prompted a debate as to what the cause could be. Why did so many people suddenly stop betting?
It isn’t predicted to last, however, and March is slated to recover with events such as March Madness taking place.
In this guide, we’ll take a look at what betting handles are and the significance they have. We’ll look at the potential reasons for the sheer drop in February and look ahead to March to see what is expected.
First, let’s take a look at how betting in New York state works.
If you live or have visited New York state, you may be aware of its complex legal position.
Currently, sports betting is legal in New York, both in-person at licensed sportsbooks and online through mobile sports betting apps.
However, only a limited number of sportsbooks are permitted to operate in the state, and online sports betting is restricted to licensed operators partnered with one of the four commercial casinos in the state.
Casino gambling is also legal in New York, but only in certain locations, including four commercial casinos and a few Native American casinos. These casinos offer a variety of games, including slot machines, table games and poker.
If slots are your thing, check out Johnslots.com – the experts over there may help you evaluate your next game, or what specific slot game would suit you best.
The term betting handle refers to the total amount of money wagered on a particular event or series of events.
In other words, the betting handle is the total sum of money that a sportsbook takes in from all bets placed by customers, whether those bets win or lose.
Let’s look at an example. If a sportsbook offered markets on the Super Bowl and customers placed $10m in bets, the handle would be $10m.
So why is it important? It essentially gives sportsbooks and betting companies an idea of their potential profit or loss, as well as gauging the popularity of an event or sport. This could lead to them offering a wider variety of bets or special offers or deals in the future
The betting handle figures have recently been published for the first few months of 2023 and people got something of a surprise.
In January 2023, the total figure for sports betting in New York was $1.79bn, which is a record for handle records. However, during February, there was a 17.9% drop to $1.47bn. It’s also lower by 3.9% than the previous February.
This double-digit drop sent something of a shockwave through the New York betting world. After a record-breaking start to the year, they were hoping to build upon it in February.
So, what could be the potential reason for the drop?
The obvious place to start is to look at what sporting events took place in February. Despite the Super Bowl taking place on February 12th, there wasn’t much interest in betting on it in the US.
The NHL and NBA seasons are winding down as they move toward the playoffs and there’s a lot less to achieve for some teams. The NFL is now finished too, which means there is a lot less to bet on for people. It therefore wouldn’t be surprising to see the betting handle begin to drop post-Super Bowl when weekly NFL games came to an end.
If you compare that to January, in addition to the sports mentioned above, there was also the Australian Open, which is one of the most popular events on the sportsbook calendar. With matches taking place every day from January 16th to 29th, there was a lot for people to place bets on.
The power of competitions will be what sportsbooks in New York will be clinging onto as we move into March, with one event in particular set to dominate.
There’s hope among the New York state sportsbook world that March will be a bumper month, with the handle returning to something similar to January.
Although February led to something of a slump, there’s a big reason to be optimistic, and that’s March Madness.
The NCAA finals, more affectionately known as March Madness, take place this year between March 14th and April 3rd. It’s one of the biggest sporting events on the US calendar, drawing millions of viewers and generating billions of dollars in revenue.
The tournament features 68 college basketball teams from across the country, who play in a single-elimination format. March Madness is known for its unpredictability and excitement, with many upsets and surprises throughout the tournament.
The tournament also has a cultural impact, with people filling out brackets and participating in office pools to predict the outcome of each game. It’s hugely popular among bettors.
With the tournament going on for three weeks, sportsbooks can feel confident that they’ll bounce back from a gloomy February and start the spring season off with a healthy handle.