New York’s mobile sports betting handle reached $50 billion, as the state’s gaming regulator announced a historic week for the industry that ended last Sunday. According to the New York State Gaming Commission, players wagered $478 million for the week, the 12th out of 141 weeks for online betting that started in January 2022.
There has been a notable increase in betting action in New York since the start of the NFL season. According to Bookie Interaction sources, the eight mobile sportsbooks in the state accepted $955 million in the last two weeks, a 16.9 percent increase compared to the first two weeks of the 2023 NFL season.
New York and its neighbor New Jersey are the only states that have handled more than $50 billion since the passage of PASPA, and the Empire State is rapidly gaining ground on its rivals. By the end of September, the gap between the two states had shrunk to $4.2 billion, but with football season upon us, that gap is sure to narrow even more, as New York is the biggest marketplace in the United States.
The mobile sportsbooks made $69.2 million after a flurry of public wagers. Claimed for the week ending May 12th, at $70.9 million, is the biggest weekly total ever recorded, while this one is second to none. Next on the list is a victory rate of 15.4% achieved on October 15 and a hold rate of 15.1% registered on January 14, bringing the total to 14.5%. Taxes of over $35.3 million were levied on all eight operators due to their positive weekly gross revenue.
Mobile Sports Betting Handle in New York
It should come as no surprise that FanDuel and DraftKings, two behemoths in the online sportsbook industry, are the primary engines propelling New York towards its $50 billion mark. Recently, FanDuel surpassed the $20 billion mark for wagers in the Empire State. DraftKings, the sole other operator in the group, has a total of $16.75 billion, which is in the eight figures. It is a surprise that no other company wants to open a sportsbook in the state.
Although Caesars only made $6.24 billion in the first nine weeks of betting thanks to a massive promotional offer that matched deposits on new accounts up to $3,000, the first $1 billion arrived in the first nine weeks of betting overall. BetMGM has taken $3.52 billion in wagers in New York, with BetRivers at number five with $1.48 billion. Last week’s $31.3 million handle was Fanatics Sportsbook’s second-highest since joining the state in March, and the total handle of PointsBet and Fanatics Sportsbook is $1.37 billion. Fanatics is rapidly gaining distance on BetRivers.
Both FanDuel and DraftKings had about 77% of the week’s action, although neither site had a top-five all-time handle total. The two were separated by a six-figure amount for the second week running. The total amount wagered on DraftKings was $184.3 million, or $954,100 more than its main competitor.
Top Mobile Sportsbooks
Last week, New York was FanDuel’s most lucrative state, with $35.1 million in earnings attributable to a 19.2% hold—the highest ever recorded in the Empire State. This mobile book’s New York revenue grab is second to none, behind only the $36.5 million claimed by DraftKings on May 12. Not only has FanDuel accomplished this feat three times, but no operator has ever won more than $30 million in a single week before.
Meanwhile, DraftKings might find great comfort in its good fortune. With a 12.8% hold, it generated $23.6 million in sales, its fourth-highest volume. Wins of $20 million or more on DraftKings have occurred nine times, the eighth time that FanDuel and DraftKings have coincided.
For the week, five out of eight mobile sportsbooks had holdings in the double digits, while two more were above 9%. As a result of that and the heavy handle, five operators achieved record-breaking revenue. Bally Bet set a new weekly record by increasing their stake from $2.5 million to $391,500.
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