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FanDuel Leads $42 Million Haul By New York Mobile Sportsbooks

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2024-04-12

FanDuel Leads $42 Million Haul By New York Mobile Sportsbooks

The New York State Gaming Commission reported $42.1 million in mobile sports betting revenue for the week ending April 7, and FanDuel accounted for more than half of that total.

Handle was up 2.1% compared to the previous week to just shy of $466 million — the ninth consecutive week there was at least $400 million worth of wagers placed through the nine sports betting apps available in the Empire State.

The 9% hold was down slightly from the week ending March 31, with revenue up only 0.5%. All nine books finished with positive revenue totals, resulting in $21.5 million worth of estimated taxes.

The week’s revenue total pushed the all-time total for mobile winnings above $3.4 billion in 118 weeks since launching in January 2022. The nine mobile operators have claimed at least $30 million in winnings in 18 of the last 19 weeks.

FanDuel collected $21.8 million in revenue for the week, crafting an 11.2% hold against a $194.6 million handle. It was the first time the mobile leviathan had back-to-back weeks with $20 million or more in winnings since a four-week run from Jan. 14-Feb. 4.

FanDuel has recorded 29 of the 34 instances in which a New York mobile operator has eclipsed $20 million in weekly revenue and also moved within $2.7 million of $17 billion in all-time handle.

It was a good week for almost every operator, as six of the nine claimed at least $1 million in revenue. DraftKings notched its eighth consecutive week with at least $10 million, winning $13.1 million from $163.5 million worth of bets placed for an 8% win rate.

Despite a 5.4% hold, the $2.2 million won by Caesars was its fifth consecutive week with at least $2 million. It’s $3.9 million shy of $400 million in all-time revenue in the Empire State. It last reached that mark on Jan. 28 with just over $4 million.

BetMGM edged over the $2 million plateau with a 6.4% win rate against a $31.6 million handle. Its 5.1% hold for the 2024 calendar year is the lowest among the six books that have accepted at least $100 million worth of wagers.

Fanatics Sportsbook had its fourth straight seven-figure weekly revenue haul, keeping $1.6 million of the $17.9 million wagered while attaining an 8.9% win rate. In its first five full weeks since completing its migration from predecessor PointsBet, Fanatics has claimed $6 million in revenue while notching a 7.7% hold from $77.8 million.

BetRivers slipped over the $1 million mark by $21,500 as it posted an 8% win rate from a $12.7 million handle. It eclipsed $1.2 billion in all-time handle and $70 million in overall revenue with the week’s action and reached seven figures for just the third time in 17 weeks.

Resorts World collected $157,744 in revenue thanks to a 10.4% hold — the first time it attained double-digit holds in consecutive weeks since Nov. 12-19. It’s within $183,000 of $10 million in all-time winnings and has an 8.7% hold in 2024 while winning $2.3 million.

Bally Bet cleared $2.5 million in all-time revenue after winning $113,500 last week from $2 million in handle. Bally Bet has topped $2 million handle each of the last four weeks but has posted a 6% or better hold just once in that span.

WynnBET’s downward slide for handle extended into a fifth straight week, as it accepted just $385,195 worth of wagers. It had a 3.9% hold in claiming $14,813 in revenue, continuing to merely exist as it awaits completion of the $25 million sale of its New York mobile licenses to PENN Entertainment, which would then bring ESPN BET to the Empire State if it meets regulatory approval.

WynnBET has not reached the industry standard 7% hold for 29 consecutive weeks since crafting an 8.1% win rate on Sept. 17. It has a 3.3% hold in 2024, winning just $658,620 from a $20 million handle.

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