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.

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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.

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The 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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Most Operators Move Up

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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