The week before Christmas brought good tidings to sports bettors in the Empire State.
Key Takeaways
- New York sports betting revenue fell 24.5% from the previous week.
- Operator profit was the lowest in two months.
- BetMGM got crushed last week on its record handle.
The New York State Gaming Commission reported on Friday that the eight online sportsbooks won back just 6.2% on a $588.6-million handle during the week ending Dec. 21. NFL bettors thriving in Week 16 hit New York in a rare win for the public over the last two months.
New York online sportsbooks generated just $37 million in gross revenue, a 24.5% week-over-week decrease and the lowest output since the $32.5 million in the week ending Oct. 19. That was also the last time Empire State operators posted a hold below 7%, as a run of eight consecutive weeks with at least $49 million in gross revenue came to an end.
The amount wagered during the week ending Dec. 21 was up 19.7% from the previous period and gave New York sports betting its 17th $500-million handle in the last 18 weeks.
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Big loss
BetMGM had the roughest week of any New York operator. The mobile sportsbook recorded its largest handle ever in New York with over $65 million wagered in the period, but BetMGM took an $898,828 loss.
It’s the first time BetMGM has finished a week in the red since October 2024, and it’s the third-biggest loss recorded by the operator since launching in January 2022. Only a $1.8-million loss during the NCAA Tournament in April 2023 and a $9.6-million deficit from the 2023 Super Bowl were worse.
Setbacks for top dogs
FanDuel and DraftKings experienced a similar week during the period ending Dec. 21, with both operators seeing a significant revenue drop-off from what they’ve been doing for most of the NFL season.
FanDuel led with a $208.5-million handle. The 6.8% win rate was its first single-digit hold in eight weeks and led to $14.2 million in gross revenue, FanDuel’s first weekly profit under $15 million in nine weeks.
DraftKings achieved a slightly higher win rate, generating $14 million on a $201.2-million handle, just its second over $200 million over the last five weeks. The latest period produced the lowest profit since the week ending Oct. 19.
Two good finishers
Behind a hold of over 11%, Fanatics had one of the better weeks among New York operators, generating $5.9 million on a $50.6-million handle. Bally Bet also finished in double digits on a $2.9-million handle.
Caesars produced a 5.1% hold on a $35.6-million handle, while theScore Bet and BetRivers each went over $10 million in wagers for the week, but neither reached 8% win rates.
