New York Operators Find Sports Betting Stability Following Fluctuating Weeks

The Empire State began building toward more consistency in the latest week of online sports betting. 

New York’s eight operators combined to generate more than $300 million in wagers in consecutive weeks for the first time since a 46-week run ended in July. 

The New York Gaming Commission reported a handle of $307.8 million for the week ending Aug. 11, down 6.9% from the previous week but more stable with the start of the NFL preseason and the end of the Olympics. 

Revenue reached $24.6 million, up 8.8% week-over-week. An 8% hold was better than the week before when bettors held their own against a 6.8% operator win rate. 

Profits have stayed below $30 million in three of the last four weeks, but football season is just a few weeks away. New York sportsbooks averaged nearly $37 million weekly in revenue in Sept. 2023.   

DraftKings stays on top

DraftKings took home New York’s top handle for the second consecutive week, generating $116.4 million in wagers. FanDuel’s $109.9 million was down 9.6% week-over-week. 

The online operator recaptured its reign of double-digit holds, producing a 10% win rate off from a state-best $11.1 million in revenue for the week ending Aug. 11. FanDuel’s streak of 11 consecutive weeks with a double-digit hold came to an end in the previous week. 

FanDuel got back above $10 million in revenue after falling below that mark last week for the first time since February. 

DraftKings only produced a 6.8% hold, but the sportsbook slightly upped its revenue from $7.8 million to $7.9 million in the latest reported week.

Caesars shines

Caesars posted a solid week, recording $2.2 million in revenue on a third-best handle of $26.2 million. The 8.6% hold was above the New York average for the week. 

BetMGM generated the fourth-highest handle in the Empire State with $23.5 million, but a 4.7% hold produced $1.1 million in revenue.

Fanatics rounded out the Top 5 in terms of handle with $19.8 million wagered and bested BetMGM in revenue with $1.5 million. 

While no online operator finished in the red, Bally Bet came close. The online operator cleared just $49,915 on $1.3 million in bets, its worst week since losing $33,000 in early May.

This marked the second weekly report without WynnBET, which exited the market. ESPN BET, which purchased WynnBET’s Empire State license, is set to launch later this month.

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