NY Doubles Up On PA-NJ-CT in Handle for Second Time in 2022

Data from state regulators show the difference between New York’s handle and that of its three rivals combined narrowed to $7 million in April, its lowest difference so far this year.
Despite all four states having their worst month for sports betting revenue so far this year, NY still pulled in 1.4 bill. in handle, more than 2x the others combined.
Maksim Goncharenok, Pexels
By
May 26, 2022

Online sports betting remained a competitive affair between New York and its three smaller neighbors — Connecticut, New Jersey, and Pennsylvania — in April, but it was the second month this year where New York’s handle was more than double that of the other three states combined, revenue figures from the four states’ regulators show.

Despite that, the difference between New York’s handle and that of its rivals combined narrowed to $695.9 million in April, its lowest point so far this year.

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Handle Down Month-Over-Month in All Four States

Handle reached just under $1.4 billion in New York in April, down 15.3% from the previous month ($1.6 million), according to the New York State Gaming Commission (NYSGC). April was the Empire State’s worst month for handle so far this year; it was down 16.9% from its peak in January ($1.7 million).

Figures provided by the Pennsylvania Gaming Control Board (PGCB) show April was also Pennsylvania’s worst month for handle so far in 2022. Handle slid to $536.1 million in April, down 19.6% from March ($667 million). The Keystone State’s handle was off 27.3% from January ($737.4 million), its best month in terms of handle for the year.

Connecticut saw a $109.4 million handle in April, down 17.1% from the month prior ($131.9 million), according to the Connecticut Department of Consumer Protection (CDCP). April’s handle squeezed just past that from February ($108.8 million), ensuring it won’t be the Constitution State’s worst month for handle in 2022. January was Connecticut’s best month for handle at $149.4 million.

In New Jersey, sports betting handle hit $46.3 million, down 24.3% month-over-month ($61.1 million), data from the New Jersey Department of Gaming Enforcement (NJDGE) show. March was the Garden State’s best month for handle so far in 2022 — its worst month was February ($32.3 million).

Total handle in all four states was $2.1 billion in April, down 16.8% from March ($2.5 billion).

The decline in sports betting handle is not indicative of a problem with the markets. Wagering in January was aided by the NFL playoffs, and February got a boost from Super Bowl LVI on Feb. 13. March Madness and the Final Four followed in March and April, respectively.

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Gap Narrowed Between NY and CT-NJ-PA

Combined handle from Connecticut, New Jersey, and Pennsylvania started at $945.6 million in January, but then slipped 26.1% to $699.1 million in February. The three states’ handle grew 23% into March ($860.1 million) before sliding 19.6% to $691.9 million in April.

While the four states are likely to continue a pattern where New York’s handle is roughly double those of its three neighbors — and where Pennsylvania is a distant second, followed by Connecticut in third and New Jersey fourth — the order paints an incomplete picture: the three smaller states managed to narrow their deficit to New York in April.

The gap in handle between New York and its rivals stood at $724.1 million in January and grew to $828.5 million in February. But the smaller states started to close the gap in March ($778.2 million) and continued the trend into April ($695.9 million).

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