Over Half of New York's Online Betting Market Belongs to FanDuel
The New York State Gaming Commission's (NYSGC) recent report highlights a robust performance in the mobile sports betting sector, with $42.1 million in revenue generated in just one week, ending April 7. This figure is particularly significant as it represents more than half of the total revenue attributed to FanDuel.
LISTEN TO THIS ARTICLE:The upward trend in betting activity is evident, with the handle increasing by 2.1% to nearly $466 million. It marks the ninth successive week of substantial betting volumes exceeding $400 million through the state's nine sports betting applications.
Related: FanDuel Replaces GambetDC as Sole Washington, DC Sportsbook ProviderThe week saw a diverse range of operators sharing in the success, with six out of New York's nine online sportsbooks reporting revenues of at least $1 million. In addition to FanDuel, Caesars Sportsbook, BetMGM, Fanatics Sportsbook, DraftKings Sportsbook, BetRivers, WynnBET, Bally Bet and Resorts World Bet all operate in the state.
Despite a slight decrease in the hold percentage from the previous week, ending March 31, the revenue saw a marginal increase of 0.5%. This consistent performance across all nine platforms resulted in an estimated $21.5 million in taxes, contributing to the state's financial health.
The cumulative revenue from mobile betting has now surpassed $3.4 billion over 118 weeks since its inception in January 2022. FanDuel, in particular, has demonstrated remarkable success, securing $21.8 million in revenue with an 11.2% hold against a handle of $194.6 million.
This achievement marks the first instance of consecutive weeks with over $20 million in winnings since early 2022, reinforcing FanDuel's dominant position in the market. The company has been a consistent performer, accounting for 29 of the 34 occasions where a New York mobile operator's weekly revenue exceeded $20 million and is now closing in on a staggering $17 billion in all-time handle.
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Caesars maintained a strong performance, exceeding $2 million in weekly revenue. Despite a moderate hold percentage, it is nearing a significant milestone in all-time revenue within the state.
BetMGM, with its competitive win rate, has also surpassed the $2 million mark, although it holds the lowest percentage for the year among major players. Fanatics Sportsbook, following its transition from PointsBet, has demonstrated impressive revenue growth, maintaining a solid hold percentage.
DraftKings recorded $13.1 million in revenue from a $163.5 million handle, with a win rate of 8%. These results mean that FanDuel's biggest rival now has eight consecutive weeks reporting $10 million or more in revenue.
BetRivers, while not always crossing the million-dollar threshold, has shown notable spikes in its win rate, contributing to its substantial all-time handle and revenue figures. Resorts World achieved remarkable hold percentages recently, positioning it close to a notable all-time winnings milestone. Bally Bet, despite fluctuating hold percentages, has managed to surpass $2 million in handle consistently, contributing to its overall revenue growth.
WynnBET, on the other hand, faces challenges with a declining handle, which reflects its current transitional phase pending the sale of its New York mobile licenses. The potential introduction of ESPN BET by Penn Entertainment could mark a significant shift in the state's sports betting landscape, pending regulatory approval.
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