The Empire State saw a significant drop in weekly handle for the period ending June 18, but the nine online sportsbooks combined to record an increase in revenue.
The hold for legal sports betting operators rose from 8.7% in the previous week to 9.8% in the latest figures released by the New York Gaming Commission, resulting in a 4.6% jump in profits despite a nearly 7% drop in handle. New York took in $278 million in wagers during the week ending June 18 and recorded $27.2 million in revenue.
The effects of slower summer sports betting led to the fifth consecutive week under a $300 million handle. However, revenue remained above $25 million for the fourth consecutive week.
During the same week in 2022, New York sports betting sites only claimed $13.8 million in revenue, which went up a whopping 95% year-over-year.
DraftKings leads the way
DraftKings led the Empire State in weekly handle for the second consecutive week with $117.3 million in wagers accepted. The online operator posted a win rate of 10.5% and produced a state-best $12.3 million in revenue, up 35% week-over-week.
FanDuel saw its handle slip below $120 million for the third time in four weeks. The sportsbook giant took in $102.2 million in wagers, which was about $2.6 million less than the previous week. Thanks to an impressive 11.5% hold, which was about the same as the previous period, FanDuel still hauled in a revenue of $11.8 million on New York sports betting.
BetMGM saw its hold fall week-over-week as it produced revenue of $1.3 million on an increased handle of $17.3 million.
Not all of the major New York sportsbook operators made out well against sports bettors. Caesars recorded just $693,983 of revenue on a handle of $28.3 million, a win rate of just 2.4%. It’s the worst period Caesars has had since it took a $178,679 loss in the week ending April 9.
