New York Sportsbooks Total $131 Million In February Revenue

The New York State Gaming Commission reported $131.3 million in adjusted gross sports betting revenue for February on Friday, as varied operator outcomes from Super Bowl LVIII played havoc with bottom lines.

The revenue total was down 38% from January’s all-time national high of $211.7 million, but still a healthy 21.1% increase from the $108.3 million collected the previous February. The Kansas City Chiefs’ overtime victory over the San Francisco 49ers in Super Bowl LVIII produced mixed results for the nine sports betting apps in the state, highlighted by a $4.8 million loss for BetMGM and a $970,000 loss for Caesars.

The Empire State’s four retail sportsbooks posted a combined loss of $112,000 on $5.8 million handle. After bettors came out $48,100 ahead on $1.6 million worth of Super Bowl wagers when including futures, they added another $63,700 to their bankrolls from the $4.2 million in other action.

Handle was up 20.7% compared to February 2023 and 9.5% lower than January. There was $1.97 billion worth of wagers. The state collected $67 million in taxes, and the $174.9 million reaching Albany coffers in the first two months of 2024 is $43.4 million more than the same period last year.

FanDuel first, but DraftKings makes up ground

FanDuel was the top performer among the nine mobile sportsbooks in February, claiming $63.4 million from $720.1 million handle and posting an 8.8% hold. It had more than 40% of New York’s mobile handle for the fifth consecutive month, though the 40.6% market share was the lowest in that streak.

It was also the third time in five months FanDuel failed to post a 10% hold, something it had done in 16 of the 18 months prior to October.

DraftKings nearly took top honors for win rate, edging near 8.8% to reap $53.4 million in winnings from $607.9 million in paced bets. Thanks to BetMGM’s and Caesars’ Super Bowl losses, DraftKings accounted for 40% of the monthly mobile revenue for the first time since entering the Empire State. Its previous best was 39.1% last July.

BetMGM’s seven-figure loss for Super Bowl bets — part of its staggering state-record $9.6 million loss for the week ending Feb. 11, eked out a small win for February with $580,000 in revenue from $129.7 million handle. The 0.4% hold was an all-time monthly low and the first below 3% since March 2022.

Caesars’ lighter loss that week, totaling $1.3 million, knocked down its monthly winnings to $6.7 million. It had a 4.2% win rate, ahead of only one just above 4% in July 2022.

The final month in New York for PointsBet, which includes figures from Fanatics Sportsbook‘s entrance Feb. 29, was a record for handle at $82.9 million. That easily outdistanced the previous high of $58 million from January 2023. It only provided a top-three revenue total as a farewell, with the $2.9 million in winnings creating a 3.5% hold.

BetRivers edged PointsBet for fourth in revenue, coming within $26,000 of $3 million while crafting a 6.4% win rate. BetRivers has amassed $6.5 million in winnings the first two months of 2024, which is nearly 10% of its all-time $65.4 million haul.

The off month by BetMGM allowed Bally Bet to claim sixth in revenue with an all-time monthly best of $724,000. Its 7.5% hold ranked third for the mobile operators, while the $9.7 million handle was an all-time high for the third consecutive month.

Resorts World and WynnBET rounded out the results, with Resorts taking $544,000 from $8.3 million worth of bets and WynnBET collecting $163,000 from $7.1 million handle. It was the sixth consecutive month WynnBET — who agreed to sell its New York sports betting licenses for $25 million to PENN Entertainment so ESPN BET can enter New York — had a sub-5% hold.