Loaded Weekend Leads to 5% Increase in New York’s Weekly Sports Betting Handle

FanDuel and DraftKings brought in over 80% of New York online sports betting revenue this week while posting impressive holds.

Brad Senkiw - News Editorat Covers.com
Brad Senkiw • News Editor
Jun 21, 2024 • 15:34 ET • 4 min read
Juan Soto New York Yankees MLB
Photo By - USA TODAY Sports

A Father’s Day weekend loaded with the NBA Finals,  Stanley Cup Final, and golf’s U.S. Open spurred solid sports betting action in the Empire State. 

For the week ending June 16, the New York Gaming Commission reported a handle of $362.8 million, up 5% week-over-week. 

It’s the most weekly action the Empire State’s nine online sportsbooks have seen in June and put the monthly handle over $1 billion with nearly two weeks remaining. 

The amount wagered also marked the fourth consecutive week under $400 million following a run of 15 straight weeks over that figure.

Revenue couldn’t match the handle increase in the week ending June 16. Operators saw their hold fall below double digits to 8.9% and profits slip 8.4% week-over-week to $32.2 million.

Still, revenue went over $30 million for the sixth consecutive week and the eighth time in 10 weeks. 

FanDuel stays hot

FanDuel led all online operators in handle with $137.7 million while boasting an 11% hold, the sixth consecutive week in double-digits, which produced $15.2 million in revenue. 

The online sportsbook has chalked up a win rate of 10.8% year-to-date, the only operator with a double-digit hold in the Empire State.

DraftKings finished second with a weekly handle of $125.7 million. Revenue reached $11 million, nearly identical to the previous week, on an 8.8% hold.   

FanDuel and DraftKings accounted for over 80% of New York online sports betting total revenue. 

Impressive holds

Caesars came in third with a handle of $30.7 while BetMGM’s $25.2 million created the same gap between the two online operators as the previous week. 

BetMGM just barely stayed ahead of BetRivers, which reached $24.9 million in the amount wagered but only produced a little over $712,000 of revenue because of a hold under 3%. 

Fanatics Sportsbook posted a fifth-best handle of $15 million and a top-three hold of 10.8%. Bally Bet produced a state-best 12.8% win rate on a handle of $1.2 million.

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