Following the slowest legal sports betting week of 2023 thus far, the Empire State’s eight current online operators saw business pick up in the week ending July 23.
The New York Gaming Commission reported a weekly handle of $217.8 million, up 34.5% week-over-week, but it was still the second-lowest amount wagered this year.
The spike in business got profits back above $20 million for the third time in four weeks as revenue jumped by 45.7% to $25.3 million.
Last year was even slower for New York sports betting. The latest weekly handle is up 45.5% compared to the same week in 2022, while revenue rose 105% year-over-year.
The latest hold of 11.6% was also up from the previous week’s 10.7%. Seven of the eight online operators produced win rates above 9%.
FanDuel's win rate remains high
FanDuel set the pace for New York sports betting during the week ending July 23 with a handle of $92.6 million, up 45% from the previous period. FanDuel hauled in $11.6 million in revenue, also tops in the Empire State for the week, and recorded a hold of 12.6%. Win rates have remained above 11% for the sportsbook giant in four consecutive weeks.
DraftKings ranked second with a revenue of $7.4 million on a handle of $71.8 million. That makes four consecutive weeks with wagers under $100 million, which followed a run of four consecutive weeks over that mark.
Caesars was third in New York with a handle of $25.4 million and revenue crossing $3 million. BetMGM enjoyed a hold of 13.7% to produce $1.86 million in revenue on a handle of $13.5 million.
