New York's Online Sports Betting Revenue Suffers 48% Drop Week-Over-Week

Online sports betting handle in New York fell for a third straight week in May. FanDuel and DraftKings felt the pinch the most, while BetRivers rallied.

Last Updated: May 25, 2023 4:33 PM ET Read Time: 4 min
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Operators of legal sports betting in the Empire State experienced a drop in handle and revenue for the third consecutive week.

According to figures released by the New York Gaming Commission for the period ending May 21, mobile sportsbooks took in $307.3 million in wagers, which was down 3.5% from the previous week. Revenue fell more drastically, from $37 million to $18.9 million. The 48% drop since is the steepest since early April, when college basketball betting wrapped up, and it ended a streak of five consecutive weeks of $35 million or more in profits. 

The nine online betting sites combined for a 6.15% hold.

Bettors rally against FanDuel

FanDuel took the largest hit in terms of revenue, as New York sports betting customers got the best of the sportsbook giant by lowering its win rate from 16% in the previous week to just 5.9% in the period ending May 21. 

FanDuel’s revenue fell a whopping 65.4% to $7.4 million on a $123.9 million hold in the latest recorded week. Like the entire Empire State, it was FanDuel’s worst week since the period that March Madness ended. 

BetRivers posts only win rate over 7%

Like its rival, DraftKings saw its weekly revenue fall under $10 million for the first time in five periods. DraftKings reported a handle of $108.3 million and revenue of $7.1 million. Its 6.5% hold was higher than FanDuel and six other New York mobile sportsbooks. 

Only Rush Street Interactive’s BetRivers posted a win rate over 7% in the Empire State, with a revenue of $693,189 on a hold of $8.2 million, good for an 8.5% win rate.

Caesars ranked third behind DraftKings in New York for the week with $2.4 million in revenue on a handle of $37.4 million. BetMGM just fell short of a million-dollar week with revenue of $957,108 on a handle of $21.4 million.

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