For the first time since the end of March Madness, online sports betting operators in the most lucrative U.S. market generated back-to-back $500 million handles in the week ending May 18.
Key Takeaways
- The Knicks won two of three games against the Celtics during the latest reporting week
- New York operators still saw a week-over-week revenue increase
- FanDuel is bouncing back after a rough March Madness
The New York Gaming Commission reported that the nine mobile sportsbooks took in $500.8 million in bets, down nearly 4% from the previous period, in a week that included three Knicks playoff games against the Boston Celtics.
New York won two of those contests to close out and upset the Celtics in the Eastern Conference semifinals in six games. Despite the Knicks’ success, online operators still enjoyed an 11.6% week-over-week revenue increase to $49.9 million.
The Empire State’s most popular NBA team is playing the Indiana Pacers in the Eastern Conference Finals, setting up another huge week for New York operators.
Legal online New York sports betting operators have hauled in at least $40 million in six of the last seven weeks and gone over $50 million twice during the underdog-led NBA playoffs. The 9.9% hold for the week ending May 18 was up from the 8.6% win rate produced during the previous week as the NBA and NHL playoffs intensified.
Year-over-year wagering was up 12.3%, but revenue produced during the same week in 2024 surpassed $50 million.
Recouping revenue
FanDuel had a significant week-over-week handle drop, going from $194 million to $185.5 million. The online operator still led New York in wagers, and a whopping 12.3% hold produced $22.9 million in revenue, nearly $3.5 million more than the previous period.
FanDuel has gone over $20 million in weekly profits in three of the last four reports. Before that, the sportsbook had only reached $20 million once during a 10-week span, signifying a bounce-back for FanDuel from the customer-friendly NCAA tournament.
DraftKings generated over $3 million more than the previous week, reaching $176.2 million in handle during the week ending May 18. The $16.1 million in revenue was almost identical to the previous week and marked the seventh consecutive period with at least $10 million in profits.
Ups and downs
Four of the remaining seven sportsbooks reported week-over-week revenue increases while three saw their handles rise.
Fanatics Sportsbook’s wagers dropped by $8 million to $42.5 million during the week ending May 18, but revenue rose from $1.9 million to $3.7 million. BetMGM finished with the fourth-highest handle at $40.9 million, but revenue dipped 32% to $1.9 million. Caesars produced $2.3 million in revenue on a $32.3 million handle.
ESPN BET got back above $10 million in wagers with an $11.5 million and $1 million in profits, while BetRivers also generated an $11 million handle. Bally Bet and Resorts World Bet both saw week-over-week revenue increases despite a drop in action.
