The first month without a full slate of football was bound to bring numbers down in New York.
Mixed with a Super Bowl week that saw BetMGM turn in a $9.6 million loss on the Big Game, it’s no surprise that the Empire State’s nine sportsbooks combined to record their lowest monthly revenue since Aug. 2023.
In February, the New York Gaming Commission reported profits of $131.4 million, marking the first month below $150 million since the commencement of football season.
The $1.8 billion handle was the lowest since Sept. 2023 and down 37.9% month-over-month, but it was up 21.7% year-over-year in a market that had reeled off four consecutive months of handles over $1.9 billion.
The 7.4% hold was the first win rate under 9% since Nov. 2023, but on par with the hold produced in Feb. 2023. New York’s tax revenue dipped from $107.9 million in January to $67 million in February.
Rising above the rest
That big Super Bowl loss meant BetMGM finished with a gross profit of just $580,224 on a handle of $129.7 million. It’s the first time the online sportsbook has produced revenue lower than seven figures.
The top two sportsbooks combined to make up 72% of the overall handle for sports betting in New York.
FanDuel led the state with $720.1 million in wagers accepted in February, down 17% from January. The mobile operator’s $63.4 million revenue was down 42% month-over-month and was the lowest since Aug. 2023.
DraftKings ranked second in New York with a handle of $607.9 million, marking an 8.6% decrease from January, alongside revenue of $53.4 million.
Caesars finished ahead of BetMGM with a handle of $162.2 million but produced a hold of just 4.2%. Rush Street Interactive was fifth in New York with a February handle of $46.9 million.
Good start to March
The final few days of February and the start of March showed promise of a turnaround.
March Madness hasn’t even heated up yet, but the New York reported a handle of $456.1 million for the week ending Mar. 3.
The amount wagered was up 10.2% from the previous week while revenue spiked 7.8% to $40.1 million, the highest in a month. The hold of 8.8% was a small drop from the 9% generated in the previous week.
PointsBet, which turned in an $8 million loss the week before, wasn’t included in the March 3 figures. Neither was Fanatics Sportsbook, which took over the PointsBet platform in New York and launched on Feb. 29.
The latest handle surpassed the $400 million mark for the 20th time in the last 21 weeks and was up 11% from the week last year, while revenue rose 55.4% year-over-year.
Profits fall
FanDuel enjoyed a healthy 16.9% jump in handle from the previous week to a state-best $184 million. However, revenue fell from $21 million to $14.8 million.
DraftKings had the second-highest handle at $155.2 million, but its revenue also went from $15.2 million the previous week to $10.2 million in the period ending March 3.
The rest of the Empire State sportsbooks faced similar results in terms of high handles and lower revenue.
Caesars reported $42.8 million in wagers, its highest in three weeks, but a 4.4% hold stunted revenue. BetMGM saw a nearly $3 million week-over-week handle with $27.8 million, while revenue plummeted more than $2 million to $1.5 million.
WynnBet made around $60,000 on a handle of $1.5 million, and BallyBet profited just $297 on a handle of nearly $124,000.
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