New York’s online sportsbooks nearly saw a 40-week streak come to an end.
Key Takeaways
- New York sportsbooks have generated a $400 million handle in 41 consecutive weeks
- The hold went above 12.75% for the third consecutive week for the first time in the lucrative market
- Six of the nine operators produced double-digit win rates
However, a $400.2 million handle during the week ending June 8 was just high enough to extend the Empire State’s run to 41 consecutive weeks with the amount wagered at $400 million or higher. The latest handle was down 18.9% compared to the previous week, the lowest since the hot streak began during the week ending September 1, 2024, the first weekend of college football.
The New York Gaming Commission reported that the nine online operators hauled in $51.1 million in revenue, a 20.8% week-over-week decrease. With the Knicks out of the playoffs, operators had to expect a drop-off after reeling in more than $120 million combined from the previous two weeks.
Still, sportsbooks have produced at least $50 million in profits in five of the last seven weeks, and operators remain hot. The 12.8% hold produced during the week ending June 8 wasn’t far off from the back-to-back 13% win rates and is the first time New York sports betting operators have had three consecutive holds reach at least 12.75%.
The Empire State filled its coffers with an estimated $26 million from the 51% tax rate on New York sports betting operators.
Betting bettors
FanDuel and DraftKings endured significant week-over-week decreases in handle and revenue. However, both of New York’s major operators produced impressive holds.
FanDuel generated $137.7 million in wagers during the week ending June 8, down from $169.9 million.
After hauling in nearly $53 million over the previous two weeks, revenue fell to $19.8 million, the lowest in a month and down 25% week-over-week. It’s just the third time FanDuel has made under $20 million over the last nine weeks, but a 14.4% win rate still took a toll on bettors.
DraftKings generated the second-highest handle in New York for the week, with $146.3 million, more than $40 million less than the previous period. However, for the first time since late February, DraftKings fell below $150 million in a week.
The online sportsbook’s two-week run of revenue over $20 million ended with $18.98 million of profit in the period ending June 8. However, DraftKings still enjoyed a 13% hold.
Not so bad
The other seven online sportsbooks still did fairly well, despite just one operator seeing a week-over-week revenue increase. Four sportsbooks finished the week with double-digit holds.
Fanatics Sportsbook generated $36.5 million in wagers and $4.3 million in revenue, the third-highest in New York for the week. BetMGM’s $2.6 million of profit was $1 million less than the previous week, while the $28.6 million was down over $3 million.
Caesars was the operator that saw a revenue jump, going from $3 million to $3.3 million week-over-week on $27.2 million handle. BetRivers generated $10.3 million in wagers to take sixth place in handle, but ESPN BET ($9.5 million in wagers) made about $200,000 more than the Rush Street Interactive operator.
Bally Bet finished eighth with a $2.4 million handle, while Resorts World Bet generated $1.5 million in wagers the same week it announced a late June exit from the New York market.
