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PointsBet-Fanatics Sportsbook Rebounds From Rough Week In New York

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2024-03-11

PointsBet-Fanatics Sportsbook Rebounds From Rough Week In New York

Fanatics Sportsbook and PointsBet brought some early March Madness to the New York mobile betting scene, regrouping from their worst week in the Empire State to their best, according to figures released Friday by the New York State Gaming Commission.

The two platforms combined to generate $10.1 million in adjusted gross sports betting revenue for the week ending Sunday, smashing the previous high of $2.3 million when PointsBet launched operations the week ending Jan. 30, 2022. It came on the heels of PointsBet absorbing an $8 million loss the previous week in its final full week of operations.

Fanatics Sportsbook arrived on the scene Feb. 29, with New York being one of the last states where it completed the migration of its platform from PointsBet. To stand out among the nine sports betting apps in the state, Fanatics Sportsbook hit the ground running with a promotion — still ongoing — in which new bettors can receive up to $1,000 in bonus bets, matching however much bettors place for their first bet of the day up to $100 for 10 consecutive days with no promo code necessary.

That contributed to a weekly handle of $27.4 million, the fourth-highest total between the licensees. The back-to-back weeks of $71.2 million worth of accepted wagers is the most in any two-week span and accounts for 8.3% of the $862.5 million in all-time handle.

PointsBet-Fanatics Sportsbook’s big week helped push the overall revenue number to $40.1 million, the eighth time in the last 13 weeks the group of nine topped $40 million. Handle was up 10.2% week-over-week to $456.1 million, the 15th-highest total in 113 weeks of mobile betting in New York.

The nine digital sportsbooks combined for an 8.8% hold, with the Fanatics-PointsBet combo dragging that higher with its eye-watering 37.1% win rate. Resorts World was the only other operator to crack double figures, hitting 10.7% on $1.7 million handle.

More than 88% of the sports betting revenue from the week came from three sources. FanDuel paced all operators in both revenue and handle with $14.8 million and $184 million, respectively, good for an 8% hold. DraftKings narrowly claimed second with $10.5 million in winnings, crafting a 6.8% win rate from $155.2 million worth of wagers.

Caesars topped $40 million handle for the second time in four weeks but again failed to make the most of it as its 4.5% hold resulted in $1.9 million in revenue. It took a $1.3 million loss the week of Feb. 11 with $47.3 million handle. BetMGM fared slightly better with a 5.5% win rate to reap $1.5 million off $28 million in bets placed.

Resorts World picked up $176,000 in winnings, while Bally Bet‘s 4.6% hold resulted in $113,000 worth of winnings from $2.5 million handle. WynnBET rounded out the group in both categories, posting a 3.9% hold to win $60,000 from $1.5 million worth of wagers.

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