New York bettors continued to take a loss as online sportsbooks enjoyed their fifth consecutive $50 million profit week for only the second time ever.
Key takeaways
- For the second time, Empire State sportsbooks surpassed $50 million for the fifth straight week and matched a similar run from the fall of 2024.
- A Game 7 in the NBA Finals helped New York generate over $398 million in bets for the week ending June 22.
- FanDuel produced a ridiculous 18.1% hold.
The New York Gaming Commission reported Friday the nine online operators hauled in $55.3 million in gross revenue in the week ending June 22. The streak began during the week ending May 25, with the New York Knicks helping operators produce over $62 million in profit.
New York sports betting operators surpassed $60 million in back-to-back weeks before reaching more than $51 million in each of the last three weeks. Those five periods, all during the NBA and NHL Playoffs, produced $288.2 million combined.
The last time the most lucrative sports betting state’s operators had a run like this was Oct. 27 through Nov. 24, 2024.
The NBA Finals playing a Game 7 on the last day of the period helped New York generate a $398.3 million handle, a 1.9% week-over-week increase, and up 19.7% from the same week in 2024.
The 13.9% hold matched the previous week’s win rate. Operators crushed bettors at an unprecedented rate, reaching 13% holds in four of the past five weeks for the first time since wagering launched in January 2022.
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FanDuel produces massive hold
DraftKings led all New York online operators during the week ending June 22 with a $145.5 million handle, but FanDuel turned more profit, thanks to an absurd 18.1% hold. The online sportsbook generated $25.2 million in revenue from a $138.9 million handle and now produced at least $20 million in profit in five of the previous six weeks.
DraftKings had the second-highest income at $15.5 million. Four other online operators saw week-over-week profit increases. Fanatics Sportsbook generated $5 million in revenue from $37.4 million in bets while BetMGM’s profits spiked 42% from the past week to $4.4 million on a $29.1 million haul.
ESPN BET more than doubled its revenue from the previous week to $1.4 million, despite taking in $6 million less in bets. Resorts World Bet generated just $24,386 in wagers and reported a $14,104 loss during a ramp-down. The operator will cease all New York online operations on June 30.
Eyeing another first
June is setting up to be another massive revenue month for New York operators, with a May record $248.9 million in gross profit. Sportsbooks claimed over $160 million in income for the first three weeks of the month, an average $56 million per period.
In May, operators made $62.2 million in gross profit from a much higher volume month. New York online sports betting generated $2.2 billion in wagers. June’s current handle pace is $1.6 billion. Still, New York books have a chance at a second consecutive $200 million gross revenue month for the first time.
