New York’s eight online legal sports betting operators could not sustain an incredibly high revenue success for two consecutive weeks.
Coming off the best week of profits since online sports betting went live in January 2022, revenue dropped from $62 million to $40.2 million in the week ending Oct. 22. The 35% drop was produced by a hold that fell from a state-best 15.3% to 8.7% in the latest figures released by the New York Gaming Commission.
Still, football season is bringing big numbers to the Empire State. The weekly handle was up 15% week-over-week to $464 million, making this the sixth time in five weeks that wagers have eclipsed $400 million. That’s the best run in New York’s sports betting history.
Compared to the same week last year, the Oct. 22 weekly handle was up 27% while revenue jumped a more modest 18.5%.
FanDuel sets new mark
FanDuel did some serious work in the week ending Oct. 22. The online sportsbook produced a state-record handle of $198.7 million, topping the $196.1 million previously set by DraftKings earlier this month.
FanDuel has seen its handle reach more than $150 million for five consecutive weeks and six of the last seven, while revenue of $20.5 million marked the second consecutive week of more than $20 million.
DraftKings was second for the week with a handle of $146 million and revenue of $15.2 million.
In the red
While many of the sportsbooks in New York fared well for the week, two operators finished in the red. BetRivers took a $1.6 million loss on a handle north of $42 million, the third-highest amount of wagers for the week. WynnBet lost $115,000 on a handle of $3 million.
Caesars was fourth in New York handle with $41.9 million in wagers, while BetMGM took in a handle of $24 million, but both turned solid profits similar to the previous week.
