Sports Betting Operators in New York Hit Big on First Full Week of Football
The increasing popularity of pro football and wagering helped the Empire State’s operators combine to record a handle of $416 million. Revenue of $56.6 million for the week is the second-highest since online betting sites went live in early 2022.
New York’s eight legal sports betting sportsbook operators had to believe that the first full week of NFL and college football would create a major jump in action from one week to the next.
It would’ve been hard to guess it would’ve been this good in the week ending Sept. 10.
The increasing popularity of pro football and wagering helped the Empire State’s operators combine to record a handle of $416 million. Revenue of $56.6 million for the week is the second-highest since online betting sites went live in early 2022.
It marked the largest-ever week-over-week revenue increase, jumping 582%, or $48.3 million, and that number fell less than $1 million shy of the all-time high-profit week, set during the week of Jan. 22.
The weekly handle was the largest since Jan. 15, and the start of the 2023 NFL season represented a 26% jump in wagers from this same week last year. That led to a revenue increase of 74% year-over-year.
The week ending Sept. 10 produced a hold of 13.6%, the highest since DraftKings had a massive outlier week during the Aug. 6 period that led to a 13.7% win rate.
FanDuel accounts for 57% of revenue
FanDuel was the big winner of the week ending Sept. 10 as the online sportsbook’s $32.3 million of revenue made up 57% of New York’s overall profits. FanDuel also led the Empire State’s operators with a handle of $195.5 million, up nearly 60% week-over-week, to record a massive 16.5% hold.
Coming in second was DraftKings, which recorded revenue of $16.4 million on a handle of $138.8 million.
Caesars was third in New York for the week with a handle of $40.9 million, and its revenue nearly tripled from the previous week to $4.4 million after reaching a hold of 10.5%.
BetMGM reported a handle of $22.1 million and revenue of $2.3 million for the week.
