New York's mobile sportsbooks surpassed $50 billion in all-time handle in grand fashion as the state's gaming commission reported a historic rout for the week ending Sunday.
The $478.2 million wagered according to NYSGC figures released Friday ranked 12th out of 141 weeks of digital wagering that began in January 2022. The start of the NFL season has seen a notable uptick in action across the Empire State: There has been $954.5 million worth of bets accepted overall by the eight mobile sportsbooks the last two weeks, up 16.9% compared to the completion of Weeks 1 and 2 of the 2023 NFL season.
New York is the second state along with neighboring New Jersey to surpass $50 billion handle in the post-PASPA era, and the Empire State continues to close the gap between the two for the No. 1 spot. The two states were separated by $4.2 billion entering September, a figure that will likely shrink by a few hundred million dollars each month during football season with New York being the largest marketplace in the U.S.
The mobile sportsbooks pounded the betting public, finishing with $69.2 million in gross revenue. It is the second-highest weekly total recorded, trailing only the $70.9 million claimed the week ending May 12. The combined 14.5% hold ranks third overall behind a 15.4% win rate attained Oct. 15 and 15.1% hold posted Jan. 14. All eight operators finished with positive gross revenue for the week, leading to an estimated $35.3 million in taxes.
FanDuel, DraftKings Comprise Bulk of Handle
It is no surprise that digital sportsbook titans FanDuel and DraftKings are the two biggest driving forces to New York's $50 billion milestone. FanDuel recently crossed the $20 billion threshold for wagering in the Empire State, while DraftKings is the only other operator in the group with an eight-figure total at $16.75 billion.
Caesars is a distant third at $6.24 billion, though its first $1 billion came in the opening nine weeks of betting after a monstrous promotional offer that saw them match deposits on new accounts up to $3,000. BetMGM has accepted $3.52 billion worth of bets in the Empire State, while BetRivers rounds out the top five for handle with $1.48 billion. The combined handle of Fanatics Sportsbook and predecessor PointsBet is $1.37 billion, and Fanatics is quickly making up ground on BetRivers — the $31.3 million handle for last week was its second-highest since entering the state in March.
While neither FanDuel nor DraftKings recorded a top-five, all-time handle total for the week, the pair accounted for nearly 77% of the week's action. The duo were separated by a six-figure sum for a second consecutive week. DraftKings accepted $184.3 million worth of wagers, $954,100 more than its eternal rival.
FanDuel (and Seemingly Everyone Else) Drops the Hammer
FanDuel had its best week in New York in terms of revenue, potting $35.1 million thanks to a 19.2% hold that was its highest recorded in the Empire State. It is the second-highest revenue haul of any mobile book in New York behind the $36.5 million DraftKings claimed May 12. It was the fourth time any operator surpassed $30 million in weekly winnings, something FanDuel has done three times.
DraftKings, though, could take plenty of solace in its own good fortunes. A 12.8% hold resulted in $23.6 million in revenue, its fourth-highest total. It was the ninth time DraftKings cleared $20 million in weekly winnings and marked the seventh time both FanDuel and DraftKings each won at least $20 million in the same week.
Five of the eight mobile sportsbooks had double-digit holds for the week, with two more eclipsing 9%. That, plus the heavy handle, contributed to five operators posting top-four, all-time revenue highs. Bally Bet reached a new weekly best of $391,500, crafting a 15.4% hold from $2.5 million handle.
The near-$3 million claimed by Fanatics ranked third overall when including PointsBet and trailed only the $3.2 million won the week ending July 14 since entering the state. Resorts World also had its third-best revenue total, reaping $267,900 from $1.9 million worth of wagers as its 14.5% win rate was its highest since a 15.8% hold reached June 9.
Caesars collected $3.8 million in winnings, notching an 11.4% hold from $33.4 million as it surpassed $450 million in all-time revenue in the state. BetMGM had the lowest hold of the octet at 6.8%, but that was still good enough for $2.1 million in revenue from $31.2 million handle.
(INFOGRAPHICS DESIGNED BY AVERY YANG)
