Fanatics Sportsbook loses stunning $1.3 million in New York NFL betting

Score this one a winner for the New York bettors at Fanatics Sportsbook.

One of the newer sportsbooks in the industry after buying out PointsBet in June 2022, Fanatics reported a crushing $1.3 million loss in a single week of operation in the Empire State ending Oct. 13.

Favorites reigned supreme in the NFL betting market that week, with favorites going 10-3 against the spread (ATS) in Week 6 after a solid start to the year by underdogs ATS.

Fanatics then got beat again in Week 7 despite favorites going 7-7 ATS, although many of the underdogs were still public darlings.

The sportsbook did not reveal how much it lost.

Fanatics tells The Post that Lions and Chiefs moneyline bets, two underdog winners over the weekend, were its highest liabilities of the weekend across the country.

“New York customers had another winning week in NFL Betting at the Fanatics Sportsbook,” a spokesperson tells The Post. “Even though the Jets and Giants did not get W’s this weekend, many of the fan favorites won this weekend, including the Chiefs, Lions, and Steelers — all as underdogs. (Twelve) teams scored 28 or more points too, helping NFL bettors at the Fanatics Sportsbook cash their any time TD scorers and Overs on Total Points, which are very popular selections for parlays.”

The spokesperson added tha that 75.7 percent of the handle (money wagered on that game) nationwide was on the Lions +1.5 vs. the Vikings, while the Eagles -3 vs. the Giants received 83.3 percent handle.

The Commanders -8 vs. the Panthers garnered 70.4 percent of the action, with the Chiefs +1.5 in San Francisco nabbed 62.1 percent of the handle.

Fanatics says it loves the New Yorkers’ action, as the Big Apple is the most important state in the sports betting industry.

New York accumulated more than $1 billion wagered from January to June, equaling $517.1 million in tax revenue to the state.

“The last two weeks in New York and across the U.S., Fanatics Sportsbook customers have been winning big on football and we love it,” Fanatics told The Post. “We are doing things differently and it is why we are 10x more rewarding than the leading sportsbooks. It’s the perfect time to get in on the FanCash and of course the winning with the New York sports calendar packed with the Yankees in the Fall Classic and the Knicks.”  

Losing weeks happen for sportsbooks, but back-to-back losing weeks is rare.

Betting on the NFL?

Fanatics hopes that its proprietary technology, purchased with PointsBet, and multi-level sports products can attract more customers and lead to a profitable business in the future.

New Yorkers, the most intelligent sports fans in the world, might have something to say about that.

Why Trust New York Post Betting

Erich Richter is a brazilian jiu-jitsu blue belt but he has a black belt in MMA betting. During the football season he’s showcased massive profits at The Post in the player prop market the last two seasons. While constantly betting long shots, his return on investment is 30.15 percent since 2022.