New York Sportsbooks Had One of Its Toughest Weeks Yet
In the week ending October 20, New York’s online sports betting market recorded one of its least profitable weeks since launch.
Second-Highest Betting Handle in History
Despite a total betting handle of $548.3 million, marking the second-highest in state history, gross gaming revenue fell to just $10.4 million.
This equates to a hold rate of only 1.9% on all bets, the second-lowest on record, following Super Bowl week.
Several factors contributed to this low result. First, players had a successful week, winning the majority of bets. Notably, the New York Yankees’ victory in the American League led to substantial payouts. Additionally, no operator achieved a hold rate higher than 6.6%.
FanDuel Remains Market Leader
FanDuel retained its market lead with $207.9 million in bets, though its revenue dropped 57.5% from the previous week. DraftKings faced an even steeper decline, recording just a 0.8% hold on $198.3 million in bets.
Fanatics Sportsbook ranked third with $40.3 million in bets and $2.3 million in revenue. ESPN BET, despite a modest handle of $8.1 million, recorded its second-highest revenue since launching in late September.
BetMGM and Bally Bet posted losses, while Caesars barely surpassed half a million in revenue.
Overall, the week ending October 20 proved exceptionally challenging for New York sportsbooks. Despite record betting volume, low hold rates and player wins contributed to one of the lowest weekly revenues on record.
Recommended