Weekly Online Sports Betting Handle Stays Above $450 Million in New York
This marks the ninth occurrence in the last 10 weeks where the Empire State's handle has exceeded $400 million.
The Empire State’s eight online legal sports betting operators experienced a letdown in handle for the week ending Nov. 12, but revenue wasn’t an issue.
Although the week-over-week betting volume decreased by 5% to $454.1 million, profits increased by 16.1% to $43.9 million, marking the highest revenue since reaching $60 million in the week ending Oct. 15, as reported by the New York Gaming Commission.
No baseball, no problem
This marked the first full week without MLB action, leaving the NBA, NFL, college football, and the NHL to carry the Empire State.
And for the most part, it did. Weekly handle stayed above $450 million for the fourth consecutive period for the first time since online sports betting went live in January 2022.
This came despite both the New York Giants and Jets failing to cover in Week 10 of the NFL as their seasons have taken downward turns. It’s also the ninth time in 10 weeks the handle has been over $400 million, and wagers were up more than $115 million from the same week in 2022.
Meanwhile, the hold of 9.7% was up slightly from the previous week’s figure of 9.3%.
FanDuel's hold rises
FanDuel stayed on top in New York with a weekly handle of $189.9 million, which fell below $200 million for the first time in three weeks. The online sportsbook still turned a profit of $21 million, up 4.7% week-over-week. The 11% hold was the best for FanDuel in a month.
DraftKings was second with a handle of $163.8 million, and the $15.3 million revenue was up 50% from the previous week. Caesars came in third at $48.3 million while BetMGM was next at $27.4 million.
Most of the Empire State operators finished with higher revenue than last week. WynnBet was an exception as it was the only sportsbook that took a loss ($88,397) on a handle of $2.2 million.
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