BUFFALO, N.Y. (WKBW) — More than $19 billion was wagered on sports in New York State last year.
In 2023, an estimated 50 million Americans wagered $16 billion on the Super Bowl. It’s a record primed to be broken as the big game heads to sin city.
"This year, it’s going to be the biggest week of all time because for the first time ever the Super Bowl is in Las Vegas,” said Sports Betting Analyst Joe Ceraulo of Covers Sports.
Since becoming legalized, sportsbooks must provide certain data to the state, including how much was wagered and how much revenue they brought in.
A 7 News I-Team analysis found the hold percentage, the portion of money wagered that a sportsbook keeps, can vary significantly from book to book.
A lower percentage means more money bettors get back into their pockets. The I-Team’s analysis also shows its been a lucrative year for licensed operators.
Fiscal Year 2023-2024 Hold Percentages
- FanDuel: 10.47%
- Draft Kings: 8.70%
- Bet MGM: 7.64%
- PointsBet: 7.28%
- Caesars: 7.20%
- BetRivers: 5.82%
However, Ceraulo told the I-Team it’s more important for bettors to consider the house edge on each individual bet rather than the sum of all bets.
“More likely than not, it’s going to vary from game to game or bet to bet,” said Ceraulo. “I wouldn’t look and say ‘oh Book A is consistently keeping 5.5%, Book B 4.5%.' Just look bet by bet, because you’re not making every bet the book offers.”
Higher hold percentages can be linked to high-hold bets, such as same-game parlays. These bets are frequently promoted, as they offer large returns but have the worst odds.
"Sportsbooks push parlays because they're sucker bets," said Ceraulo. "If you're not experienced you look at the odds and you think 'oh my goodness, if I only want to bet $10 with a parlay I can win $50.'"
And the profits will keep coming for sportsbooks, as 39% of Americans bet on sporting events, according to a survey released by the Siena College Research Institute and St. Bonaventure University.
"Looking at that growing popularity, it's not going to go down anytime soon I don't think," said Dr. Brian Moritz of St. Bonaventure Universtiy.
Moritz believes the newfound accessibility is driving the popularity.
"What's happening in the sports gambling landscape is yes it's become legal, but more it's accessible," added Moritz. "You don't have to go to a casino, you don't have to go to a racetrack, you don't have to go anywhere to place a bet on a game."
If you or someone you know is struggling with gambling, you can find help at the following resources:
- Western Problem Gambling Resource Center — (716) 833-4274
- New York State HOPE Line — 1-877-8-HOPENY
