FanDuel, DraftKings Lead Bounce-Back Week in New York Sports Betting

FanDuel enjoyed a healthier week despite the handle falling 20.7% from the previous period to $161.6 million.

Feb 26, 2024 • 18:38 ET • 4 min read
New York Giants NFL
Photo By - USA TODAY Sports

The Empire State fell back into some online sports betting normalcy for the week ending Feb. 18. 

Following a disastrous Super Bowl for BetMGM, which lost over $9.6 million on the Big Game, FanDuel and DraftKings bounced back to claim a combined $34.8 million of the total revenue of $38 million, up nearly 652% week-over-week from the $5.1 million of profits from Feb. 11.

In a week without football, the New York Gaming Commission reported a handle of $406.8 million, down 14.3% from the previous week but up 5.2% from the week before the Super Bowl when there was no game. 

It marked the 18th week of the last 19 that the handle reached $400 million. 

The hold for the week ending Feb. 18 jumped more than eight points from the previous week to 9.4%. 

The handle increased by 19.8% from the same week in 2023 while revenue spiked 65.2% year-over-year.  

Big boys roll

FanDuel enjoyed a healthier week despite the handle falling 20.7% from the previous period to $161.6 million. Revenue of $17.2 million profits was more than double from Super Bowl week, thanks to a 10.7% hold that rose more than six points week-over-week. 

DraftKings recorded a second-best handle of $155.7 million wagered and revenue of $17.6 million to lead the two online sportsbooks, which accounted for 91.6% of all operators’ profits. 

Slow week

Caesars finished third with a weekly handle of $35.2 million but recorded a hold of just 3.6%. BetMGM was unable to recoup much of its huge Super Bowl loss the following week as bettors beat them up again. The online sportsbook generated revenue of $177,326 on a handle of $31.1 million, a hold of 0.5%.

WynnBet, which recently sold its New York sports betting operating license to PENN Entertainment’s ESPN BET, managed revenue of just $67,484 on a handle of over $1.8 million.

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