Sports betting in the most lucrative U.S. market took a significant week-over-week dip during Week 11 of the NFL season.
Key Takeaways
- New York’s online sports betting handle falls for the second consecutive week.
- Mobile sportsbooks have made over $200 million in the last three weeks.
- FanDuel and DraftKings keep $200 million handle streaks alive.
The New York Gaming Commission reported a 6.2% decline in online handle from the previous week as Empire State bettors wagered $565.1 million during the week ending Nov. 16. It’s the second consecutive week that the handle dropped after a record $661.1 million was bet during the week ending Nov. 2.
Enjoying Covers content? Add us as a preferred source on your Google accountA streak of three consecutive $600 million handles also came to an end during a time when the NFL, NBA, NHL, college football, and college basketball are giving bettors plenty of options. However, at least $527 million was wagered for the 13th consecutive week, the longest stretch ever in New York sports betting.
What a run
Bettors did more with less, but it was a strong week for Empire State online sportsbooks. Revenue fell week-over-week by $10 million, which feels significant.
However, operators still hauled in $60.1 million in gross revenue from a 10.6% hold. This came a week after sportsbooks won back 11.6%, and bettors haven’t gotten the hold below 10% since late October.
It’s been a bloodbath for the last three weeks as operators have dominated, producing $206 million in gross revenue during that span. Bettors haven’t even gotten to the betting popular Thanksgiving week yet, and this is setting up to be a massive month for operator profits.
Big boys eat again
It was another good week to be FanDuel and DraftKings in New York. Both online operators produced double-digit holds during the week ending Nov. 16.
FanDuel extended its already record eighth consecutive week with $200 million in wagers, generating a $215.6 million handle. A 12.4% hold led to $26.7 million in gross revenue, a nearly $10 million decline from the previous week.
DraftKings won back $20.1 million from a $200.5 million handle, its fourth consecutive over $200 million. Profits were up 7.5% week-over-week as DraftKings reached $20 million in revenue for the sixth time this football season.
Fanatics rolls
Fanatics Sportsbook turned in the third-best handle of the week ending Nov. 16 with $44.2 million. A healthy 11.2% hold led to $5 million in gross revenue. That was a much better week than Caesars Sportsbook had. The online operator wasn’t far off with a $41.6 million handle, but a 6.7% hold produced just $2.8 million in revenue.
BetMGM fared a little bit better with an 8.9% win rate off of a $37.2 million handle. ESPN BET made a little over $1 million from an $11.6 million handle, ahead of BetRivers’ $906,949 in gross revenue from $10.5 million in wagers. Bally Bet had a 7.8% hold on a $3.8 million handle.
