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FanDuel Extends Roll In New York As Mobile Sportsbooks Claim $35 Million For Week

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Regulation

2024-06-14

FanDuel Extends Roll In New York As Mobile Sportsbooks Claim $35 Million For Week

FanDuel attained a double-digit hold for the fifth consecutive week as the New York State Gaming Commission reported $35.1 million in sports betting revenue among its nine mobile operators for the week ending June 9.

FanDuel, which has an all-time hold of 10.4% in the Empire State with more than $18.5 billion in handle, had a 13.3% win rate last week in claiming $17.8 million in winnings from $134.1 million worth of wagers. The online leviathan has posted a 10% or better hold in 16 of 23 weeks in 2024, with last week the fifth time this year it topped 13%.

Overall handle via sports betting apps for the week totaled $345.4 million, up 0.3% from last week. Revenue was 16% higher as the overall hold of 10.2% was almost 1.4 percentage points higher. All nine operators finished with positive revenue, leading to an estimated $17.9 million in tax payments to the state.

FanDuel’s run against bettors has also created a five-week streak in which it has claimed $15 million or more in revenue. It is within $81.4 million of $2 billion in revenue in New York — a figure only Illinois, Nevada, New Jersey, and Pennsylvania have attained.

The mobile juggernaut also has paid an estimated $979 million in taxes to the Empire State, accounting for 47.9% of the estimated $2.04 billion in receipts the state has collected since launching digital wagering in January 2022. FanDuel’s tax payments would rank second nationally behind the balance of New York’s operators in the post-PASPA era.

DraftKings cleared $15 billion in all-time handle after accepting $123.7 million worth of bets, and its 9.2% hold resulted in $11.3 million in revenue. That was enough to push DraftKings over the $1.25 billion mark for overall winnings, with $332.9 million of that haul coming in 2024.

Caesars has a five-week revenue streak of its own at $2 million or better, topping the benchmark by $62,670 after crafting a 7.5% win rate against $27.7 million in handle. It is Caesars’ longest such streak above $2 million since a nine-week run from April 16-June 11, 2003.

BetMGM held off Fanatics Sportsbook for fourth in revenue, reaping $1.6 million in winnings from $22.5 million in handle. Fanatics had a 10% hold to claim $1.4 million off $14.1 million worth of bets placed as total winnings with previous license-holder Points Bet cleated $70 million.

Both Resorts World and Bally Bet had top-five, all-time revenue totals for the week. The $223,945 for Resorts World cracked the bottom of the top five, but three of those top five totals have come in the last four weeks. Resorts had a week-best 15.8% hold among operators on $1.4 million in handle.

Bally Bet claimed $204,982 in winnings, good for fourth in its ledger. It had an 11.2% win rate from $1.8 million in handle, and three of Bally Bet’s top four performances have come over the last seven weeks.

Despite a near-doubling of its handle from last week to $19.7 million, BetRivers saw a 12.9% decline in revenue to $512,900 as the public limited it to a 2.6% hold. The bump in handle helped push BetRivers’ year-to-date total over $300 million.

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