New York sports betting action remained steady during the NFL’s Week 4, capping September with a fourth consecutive $500-million handle.
Key Takeaways
- New York online sportsbooks stay above $500 million in wagers for the sixth consecutive week.
- Revenue falls by 12% after the NFL’s Week 4.
- FanDuel produced its lowest fall revenue total since late October 2024.
During the week ending Sept. 28, the Empire State’s eight online operators generated $550.4 million, a 6.5% rise from the same week in 2024 and a less than 1% drop from the previous week, the New York Gaming Commission reported Thursday.
In a busy week with the NFL and college football in full swing, and the MLB regular season wrapping up, New York online sports betting stayed above $500 million for the sixth consecutive week. That streak should continue through the next several weeks, with the MLB postseason underway and the NBA starting later in October.
Profits drop
Despite the high handles continuing, gross revenue during the week ending Sept. 28 fell 12% from the previous week to $50.2 million. Much of that came from a big drop in FanDuel’s profits.
The 9.1% hold is the lowest since the NFL’s Week 1 when bettors bested operators. Still, New York online sportsbooks surpassed $50 million in revenue for the third consecutive week. It took until late October to produce a streak that long during the previous NFL season.
FanDuel cools off
FanDuel had its worst revenue week during the NFL season since late October of last year. The online operator generated $13.7 million from a $204 million handle, producing a rare hold below 7%. Profits fell by over $10 million from the previous week despite a more than $10 million increase in wagers.
FanDuel had enjoyed back-to-back weeks with a win rate over 12% before this latest week’s cooldown.
DraftKings, meanwhile, thrived. The sportsbook’s 11.6% hold on a $200.3-million handle led to $23.2 million in revenue, its best week of the month. It was DraftKings’ most profitable week since the end of May and second-best NFL week ever.
Handles on rise
Four of the remaining six online operators saw a week-over-week handle increase during the week ending Sept. 28. Fanatics Sportsbook took in over $500,000 more to reach $45.5 million in wagers. The operator also had a slightly better week with revenue, hauling in $4.5 million with a 10% hold.
Caesars enjoyed a nearly $3-million week-over-week spike in action, reaching $39.1 million in wagers, its highest since April. However, a 5.5% hold led to just $2.2 million. BetMGM’s $34.3-million handle was down slightly from the previous week, but revenue more than doubled to $4.5 million thanks to an impressive 11.8% hold.
ESPN BET went over $11 million in handle for the week, while BetRivers drew more than $10 million in wagers and enjoyed an 11.3% hold, compared to ESPN BET’s single-digit win rate. Bally Bet’s hold reached nearly 9% on a $3.3-million handle.
