As wagering went up in the Empire State for the week ending July 9, sports bettors improved from the previous period against the online sportsbooks.
The New York Gaming Commission reported a legal sports betting handle of $238 million for the week, up 11.7% week-over-week and 25% from the same week in 2022. Revenue, however, fell 12% week-over-week and 15.5% year-over-year to $22.8 million for the week ending July 9.
The hold of 9.6% was significantly lower for online betting sites than the 11.9% operators enjoyed in the previous week.
The overall handle stayed below $300 million for the seventh consecutive week, but profits remained above $20 million for the sixth week during that span.
FanDuel inches closer back to $100 million handle
FanDuel has seen three consecutive weeks with a handle below $100 million, the first time that’s happened since last August. But the New York sports betting giant continued its rise back to that mark with wagers of $94.7 million, tops in New York for the week ending July 9.
FanDuel captured revenue of $10.7 million, which was 9% lower week-over-week.
The hold increased from 9.4% the previous week to 11.3% in the latest period.
Profits fall for DraftKings
DraftKings was able to overtake rival FanDuel a couple of times in June, but the other popular brand in New York finished second for the week with revenue of $7.8 million on a handle of $81.8 million. Wagers were up 11% week-over-week at DraftKings, but profits slipped 7%.
Caesars had the third-best handle of the week at $28.7 million with revenue of $2.1 million, while BetMGM was fourth with profits of $1.1 million on a handle of $17.9 million.
Operator on hiatus
Bally Bet reported zero handle and revenue for the second consecutive week. The online operator deactivated accounts on June 30 to undergo a mobile renovation, leaving New York with eight active mobile sportsbooks.
According to its site, Bally Bet will return in late 2023 with an enhanced sportsbook. Bally Bet recorded a handle of over $16 million and revenue of just over $1 million since July 2022.
