The blistering run New York sports betting operators have been on over the last six weeks had to slow down at some point.
Key Takeaways
- Gross revenue fell 39.4% from the record set during the previous week.
- The latest handle dropped off as well, falling below $500 million.
- FanDuel and DraftKings still produced double-digit holds.
The week ending Dec. 14 was that juncture. The New York Gaming Commission reported that the eight online sportsbooks hauled in $49.05 million in gross revenue in the latest period, a 39.4% week-over-week decrease.
It’s the first time since the week ending Oct. 26 that operators didn’t generate at least $59.3 million. Weekly profits exceeded $70 million four times during that stretch, including the Empire State record of $81 million from the week ending Dec. 7.
The latest reported period marked just the fifth time since the NFL season began in September that weekly profits dipped below $50 million.
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Handle drop
It wasn’t just a down week for New York online sports betting revenue. In a period that included Week 15 in the NFL, New Yorkers wagered under $500 million for the first time since mid-August, ending a 16-week streak. The $491.7-million handle was down 12% from the previous week but was up nearly 10% from the same week in 2024.
Despite the down week, operators still produced a hold just a hair under 10%. It’s the first single-digit win rate in New York since the end of October. Online sportsbooks have made over $460 million during that span.
Still winning
The two biggest operators in the Empire State felt the sting of the profit decrease, but they still had double-digit holds.
FanDuel’s week-over-week profits dipped 12% during the period ending Dec. 14. The online operator led New York with $23.6 million in gross revenue from a $180-million handle, the lowest in 14 weeks, but the hold still surpassed 13%.
DraftKings suffered an even larger 29.7% decrease in revenue from the previous week, falling from $24.2 million to $17 million. DraftKings generated $163.7 million in wagers for the week, down from $185.7 million.
Beating up on Fanatics
Only two of the six remaining online operators - Fanatics and Bally Bet - experienced week-over-week handle increases. However, Fanatics got pummelled by bettors, generating just $193,784 in gross revenue from a nearly $48-million handle. It marked the worst week for the online operator since losing nearly $4 million in late July/early August.
BetMGM had a significant handle drop, going from a record $60.9 million in the previous week to $44 million in the latest period. Caesars’ profits fell by $1.5 million from the previous week on a handle that dropped off by nearly $5 million. theScore Bet won back 9.5% from a $9.2-million handle, while BetRivers produced a hold under 5% from over $11 million in wagers.
