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.
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.
