Online sports betting operators in the Empire State saw slight declines during Week 12 of the NFL season, but a record revenue streak highlights the latest release of figures in the U.S.’ most lucrative market.
Key Takeaways
- New York has generated $500-million handles every week during the football season.
- Gross revenue over the last four weeks would be a record in a single month.
- FanDuel continues to bash bettors with massive win rates.
The New York Gaming Commission reported a $537.5-million handle during the week ending Nov. 23, a 4.9% week-over-week decrease. The Empire State has produced $500 million every week this football season.
The eight online sportsbooks in New York generated $59.3 million in gross revenue from a healthy 11% hold. Profits dipped just 1.3% compared to the previous week, but operators kept a strong run going of high win rates and big revenue during a week when several popular NFL favorites failed to cover spreads.
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Destined for new record
The last four weeks, including the end of October and all of November to date, have produced $265.3 million in gross revenue, the most ever during four consecutive periods, all of which had double-digit holds.
The recent total, if all of those weeks were during a single month, would beat out the all-time high of $248.9 million set in March by a significant margin. With a highly anticipated and heavily bet Thanksgiving week still to come, November is likely to produce the new monthly record.
FanDuel on fire
New York bettors keep losing big to FanDuel. The online sportsbook used a 13.5% hold in the week ending Nov. 23 to generate $28.4 million in gross revenue from a $209-million handle.
FanDuel has produced at least a 12% win rate in each of the last four weeks, and gross revenue has been over $22 million in six of the last seven weeks. The sportsbook is also on a nine-week streak of handles over $200 million.
DraftKings generated $180.9 million for the week, and its $18.2 million in profits surpassed $15 million for the seventh time in nine weeks.
Ups and downs
Fanatics Sportsbook saw an increase in action, taking in nearly $3 million more bets than the previous week to reach a handle of $47.1 million. However, the 10.2% win rate was slightly lower, producing revenue of $4.8 million, which is down $1 million from the previous week.
Caesars saw a week-over-week revenue bump, hauling in $3.3 million on a $39.6-million handle. BetMGM turned in an 8% hold on a $33.1-million handle. That was still much better than ESPN BET, which made back just 6.3% from a $13.5-million handle. BetRivers only reached a win rate of 7.4% from a $10.6-million handle, while Bally Bet was around 6% on $3.7 million in wagers.
