New York Surpasses $50 Billion in Mobile Sports Betting Handle

New York Surpasses $50 Billion in Mobile Sports Betting Handle article feature image

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)

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About the Author
Chris is a Senior Analyst at Better Collective US and his focus is breaking down monthly sports betting revenue figures from state agencies across the United States. Prior to joining Better Collective in November 2019, Chris acquired more than two decades worth of experience at three national sports news wire services.

Follow Chris Altruda @altruda73 on Twitter/X.

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