Sports Betting in New York Sees Hold Plummet in Latest Weekly Figures
The hold in the Empire State fell 6.5% week-over-week.
New York’s eight legal sports betting operators didn’t come close to replicating the previous week’s massive revenue total during the period ending September 17.
Football season caught up with the sportsbooks as the bettors fought back to lower the operators’ hold from 13.6% to 7.1% in the latest weekly report by the New York Gaming Commission.
After posting the Empire State’s second-highest-ever weekly revenue of $56.6 million to kick off the first full NFL and college football combined weekend, revenue for the week ending Sept. 17 slipped 49.8% to $28.4 million.
This came on a handle of $400.5 million, down 3.7% week-over-week, and the win rate plummeted during the same week that the New York Giants and New York Jets failed to cover the spread. The Buffalo Bills, however, won by four touchdowns as a 7.5-point favorite.
It marked back-to-back weeks of a $400 million handle, which hadn't happened since all the way back in March. Online betting sites continue to grow as the handle rose 35% compared to the same week in 2022.
Double-digit holds hard to come by
Not a single New York sports betting operator reached double digits in wagering amounts for the week ending Sept. 17.
DraftKings led them all with a handle of $179.7 million, but the hold of 7.2% was in line with the state’s average as the online sportsbook profited $12.9 million — about $3.5 million less than the previous week.
FanDuel was second behind its rival with a handle of $139 million and a hold of 7.8%, as the bookmaker hauled in revenue of over $10 million in back-to-back weeks.
The next tier of New York sports betting operators brought the average down. Caesars came in a clear third in the Empire State with a handle of $38.9 million and a hold of just 4.9%, while BetMGM took in $23.7 million with a 5.5% hold.
It was an especially rough week for PointsBet, which made just $101,742 on a handle of $5.3 million (1.9% hold).
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