Sports betting operators in the most lucrative U.S. state finally cooled off after enjoying one of their most dominant five-week runs ever.
Key Takeaways
- New York's online sports betting operators suffered a 40% week-over-week revenue dip.
- The $349.7 million handle is the lowest since August 2024.
- FanDuel generates its fewest weekly wagering dollars in 10 months.
The New York Gaming Commission reported on Thursday that online sportsbooks generated $33.3 million in revenue, a decrease of nearly 40% from the previous week, despite a $349.7 million handle during the period ending June 29. It marked the first week operators hauled in less than $50 million since early May, and the lowest profit period since mid-April.
Bettors had taken quite the beating during the NBA playoffs, which ended on the last day of the previous period. With Major League Baseball dominating the late-June betting landscape, bettors got the win rate below 10% for the first time in seven weeks. The 9.5% hold produced during the latest week ended a streak of five consecutive periods with a win rate over 12.75% in the Empire State.
The amount wagered for New York sports betting during the week ending June 29 was down 12.2% from the previous seven days but up 8% from the same week in 2024. The second consecutive handle under $400 million was also the lowest since the last week in August 2024 generated $298 million in wagers.
Leaders continue market dominance
New York’s two market-share leaders suffered significant decreases in action and profits, but FanDuel and DraftKings still accounted for 77% of gross revenue and 71% of all wagers placed online for the week.
DraftKings led all New York online sportsbooks during the week ending June 29 with a $129.1 million handle. However, the mobile operator produced an 8% hold to haul in $10.4 million in gross revenue, the second-highest for the week.
FanDuel’s 12.8% hold led to $15.3 million in revenue, but its $19.1 million handle is the online operator's lightest week of action since late August 2024. Still, FanDuel has generated at least $100 million in bets in each of the last 49 consecutive weeks.
Big drops
Fanatics Sportsbook suffered an 8.5% drop in handle, generating $34.2 million in wagers for the week ending June 29, but revenue took a much sharper 48% week-over-week dive to $2.6 million.
BetMGM finished fourth in handle with $24.9 million in wagers, followed by Caesars with $22 million. Caesars produced a double-digit win rate, but BetMGM hauled in just $881,251, its lowest weekly revenue total since the operator reported a loss in October 2024.
ESPN BET generated $8.9 million in wagers, while BetRivers had an $8.2 million handle. Neither reached $1 million in revenue. Resorts World Bet closed up shop on June 30 and reported no dollars wagered or revenue as it exited the New York online sports betting market.
