New York Mobile Sports Betting Handle Surpasses $40 Billion

New York mobile sports betting handle Friday surpassed $40 billion since launch after the state’s gaming commission reported $445.3 million worth of wagers placed for the week ending March 17.

The Empire State accomplished the feat in a mind-bending 115 weeks since the first wagers were placed via sports betting apps in January 2022. New York joins neighboring New Jersey as the only states to reach the $40 billion benchmark since sports betting expanded on a state-by-state basis in 2018, with Nevada within $1.5 billion while awaiting its February report.

The milestone came as part of a good week for the group of nine digital operators, which claimed $40.2 million in sports betting revenue to post a collective 9%-plus hold. FanDuel accounted for more than half of that total with $21.3 million as it crossed $200 million in revenue for the 2024 calendar year.

It was the sixth time in the last nine weeks total operator revenue surpassed $40 million. Revenue was up 8.8% compared to the week ending March 10 as the 9%-plus hold was nearly three-tenths of a percentage point higher.

Handle totaled $445.3 million, up 1.9% from the previous week, and cleared $4.8 billion for the first 11 weeks of 2024. Since all nine operators finished with positive adjusted gross revenue, the estimated taxes for the week are $20.5 million.

New York does not reach that lofty handle total without FanDuel’s impressive and immense presence in the mobile betting space. It has claimed more than 40% of the mobile market share since launch and crossed $2 billion in handle this year after accepting $178.9 million worth of wagers last week. Its 11.9% hold marked the seventh time this year it was above 10%, and FanDuel has recorded 27 of the 32 instances an operator has generated $20 million or more in weekly winnings.

DraftKings accounted for more than 25% of the weekly winnings with $11.3 million, fashioning a 7.6% win rate from $148 million handle. It was the fifth consecutive week with an eight-figure revenue haul as it also moved within $20 million of $13 billion in total handle.

Caesars Sportsbook took the final podium spots for revenue and handle with $3.4 million and $48.9 million, respectively, while attaining a 6.9% hold. It has topped $3 million in weekly revenue six times in the first 11 weeks of 2024 and surpassed $5.4 billion in all-time handle.

It took five weeks, but BetMGM erased its record-setting $9.6 million loss for the week ending Feb. 11 that included $4.8 million in losses for Super Bowl LVIII. It claimed $2.2 million in revenue from close to $30 million handle, crafting a 7.3% hold.

Fanatics Sportsbook was the fifth operator to post a seven-figure revenue total, winning $1.1 million from $13.7 million worth of accepted bets for an 8.2% win rate. The total combined handle of Fanatics and previous licensee PointsBet is $11.9 million shy of $900 million.

BetRivers had its first $20 million weekly handle since accepting $22.1 million worth of bets the week ending Nov. 19, but it could not turn that into a notable revenue number. Its 3% hold was the lowest among the group of nine for the week, resulting in $616,200 in winnings.

Bally Bet had its third-highest handle at $2.7 million, but a 4.7% hold left it with $128,000 in revenue. The $2.3 million in wagering at Resorts World ranked fourth in its ledgers, and an 8.5% win rate left it with $192,800 in winnings.

WynnBET, whose parent Wynn Enterprises is finalizing the $25 million sale of its licenses to PENN Entertainment as it readies ESPN BET for the Empire State, had less than $600,000 handle and won $38,400 from a 6.4% hold.

Source: SportsHandle