The NBA and NHL playoffs and the early portion of the MLB season continue to fuel profits for the Empire State’s eight online sportsbooks.
Key Takeaways
- April has produced four consecutive weeks of at least $50 million in gross revenue.
- The weekly handle surged back above $500 million during the postseasons.
- FanDuel and DraftKings each won back over 11%.
The New York Gaming Commission reported on Friday that mobile operators produced $59.2 million in gross revenue during the week ending April 26. This sets up the month to be extremely lucrative for sportsbooks.
Last April, operators hauled in $192.7 million. This month, they’ve made over $50 million in each of the last four periods, with the most recent week ranking the highest. Every week has also produced a hold of at least 11%.
The latest handle of $535.5 million during the first full week of postseason action surpassed $500 million for the first time since the period ending April 5. The amount wagered during the week ending April 26 increased 10.5% from the previous period and up a milder 1.7% year over year.
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Major profits
FanDuel was a big beneficiary of New York sports betting's gains during the most recent period. The online operator generated its first $200-million handle since Super Bowl week. Dollars wagered rose from $172.5 million during the previous week to $201.3 million.
FanDuel’s 11.3% hold produced $22.8 million in gross revenue, its fourth consecutive week of at least $20 million in profits.
DraftKings accounted for another $20.9 million in gross revenue, giving those two operators nearly 74% of every dollar made in New York. DraftKings had an even higher 11.9% win rate from its $175.4-million handle.
Solid holds
Fanatics won back 9.5% of a $60.6-million handle, the operator’s seventh week over $60 million in the last eight. BetMGM recorded a 10.6% hold to account for $4.3 million of the state’s total profit.
Caesars fell just shy of a double-digit win rate but still cleared over $3.2 million. BetRivers produced a 14.3% hold, the best for the week in New York, resulting in its biggest profit since January. Bally Bet produced a respectable 8.4% hold, while theScore Bet had the lowest in New York at 4.2%.
