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New York Weekly Mobile Handle Surges To $487 Million

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2024-04-19

New York Weekly Mobile Handle Surges To $487 Million

The New York State Gaming Commission reported a mobile sports betting handle of $487 million for the week ending April 14, with the NCAA Tournament final and the Masters providing plenty of interest — and winnings — for the public.

It was the eighth-highest handle generated by the state’s nine sports betting apps in 119 weeks since mobile launched in the Empire State in January 2022. DraftKings posted its fourth-largest total with $193.2 million worth of bets accepted, while the $27.4 million wagered through BetRivers was its second-most.

But with favorites again emerging victorious in both events — UConn successfully defended its title by defeating Purdue and Scottie Scheffler claimed his second green jacket in three years — that 42% bounce in handle from 2023 failed to translate into notable winnings.

Operators totaled $27.5 million in gross sports betting revenue — their lightest total since winning a combined $5.1 million from Super Bowl week (Feb. 11) — and posted a collective 5.6% hold. The mobile sportsbooks could take solace in the fact that they fared notably better than last year, when revenue totaled $12 million and the hold was a meager 3.5% against $343.3 million handle.

All nine operators finished with positive revenue for the week, resulting in estimated tax payments of $14 million to the state.

— UConn Men's Basketball (@UConnMBB) April 12, 2024

Though it was the first time since the week ending Dec. 17 that FanDuel didn’t lead all operators in handle, it was still the only mobile book to have a hold above 6.3%. Its 9.2% win rate from $177.7 million worth of wagers resulted in $16.3 million in revenue — nearly 60% of the overall total.

DraftKings, which had its highest handle since its all-time high of $218.1 million on Dec. 17, had a 3.7% hold in claiming $7.1 million in winnings. That was its lowest weekly win rate since finishing with a minus-2.9% mark Sep. 3.

BetRivers, whose handle for the week slotted behind its all-time best of $42.2 million Oct. 22, failed to make much, despite a more than doubling of action from the previous week. It finished with a 0.9% hold in winning $248,703.

That hold, however, was not the worst for the week as Bally Bet narrowly came out ahead. It amassed just $1,281 from $1.7 million in wagers, producing a hold of less than 0.1%.

Resorts World was the only other mobile book to top a 6% hold, claiming $96,897 while attaining a 6.2% win rate from $1.6 million handle. Caesars posted a 4.6% hold in reaping $1.7 million from $36 million handle, while BetMGM rounded out the group with seven-figure revenue totals — it claimed $1.3 million thanks to a 4.2% hold from $32 million worth of bets.

Fanatics Sportsbook had its run of seven-figure revenue hauls end at four weeks after a 3.7% hold from $17.1 million handle left it with $634,926 in revenue. WynnBET avoided the cellar for weekly revenue thanks to Bally Bet, but failed to crack $15,000 for the third consecutive week by falling $83 short. WynnBET, after landing at 3.3%, has now failed to reach the 7% industry standard hold for 30 consecutive weeks.

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