The action picked up for New York’s legal sports betting online operators in the final week of July, but it didn’t turn into an especially profitable period for sportsbooks.
The handle for the week ending July 30 ($246.5 million) was up 13% from the previous week’s $217.8 million and 38% higher than the same week in 2022.
However, revenue didn’t match the increase in wagers as the $24.2 million profit was down 4% week-over-week.
It left the eight online sportsbooks going over $200 million in handle and $20 million in revenue in all but one week during July.
The hold of 9.8% during the period ending July 30 ended a two-week streak of win rates over 10%. Half of New York's online sports betting sites ended the week with double-digit holds.
FanDuel records lowest revenue in a year
Sports betting in New York hit FanDuel much harder in the week than it has in months. The sportsbook giant took in $95.2 million, up 2.8% week-over-week, but revenue of $4.9 million is the lowest for a week in a year and the hold of 5.14% marked the lowest since April.
DraftKings had better luck as it produced revenue of $13.4 million on a handle of $94.5 million — second in the Empire State behind FanDuel for a 14.1% win rate.
Caesars posted the third-highest handle at $26.5 million and used a 9.6% hold to produce $2.6 million in revenue. BetMGM enjoyed an 11.5% hold and finished fourth in the Empire State in handle ($16.1 million) and revenue ($1.8 million).
Resorts World Bet’s revenue of $178,687 is the fourth-highest ever for the online site in New York and the staggering hold of 21.9% is tops for the sportsbook as well.
Bally Bet returning soon
The period ending July 30 marked the fifth consecutive week that Bally Bet has been inactive. The online operator shut down in late June to reformat its technology.
Bally Bet partnered with Kambi and White Hat to handle the migration. The company announced during its second-quarter release on Thursday that a late summer rollout is expected, with the full product expected to be complete by early 2024.
