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FanDuel Posts Double-Digit Hold For 10th Straight Week In New York

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Regulation

2024-07-19

FanDuel Posts Double-Digit Hold For 10th Straight Week In New York

FanDuel became the first sports betting app in New York to post a 10% or hold or higher for 10 consecutive weeks, according to figures released by the New York State Gaming Commission on Friday.

The online marketplace leader in the Empire State also held the previous record of nine straight weeks, established from July 31 to Sep. 25, 2022. FanDuel attained a 12.7% win rate for the week ending July 14, collecting $14.8 million in revenue from nearly $117 million in handle.

New York’s nine mobile operators combined for an 11.3% hold from $303.7 million in handle to claim $34.3 million in sports betting revenue. Handle was down 6.2% from the previous week and was the lightest action since $212.2 million was wagered the week ending Aug. 27.

Revenue was down 6.8% since the hold was six-hundredths of a percentage point lower than the week ending July 7. All nine mobile operators finished with positive gross revenue for the week, leading to an estimated $17.5 million in state tax receipts.

Double-digit holds are nothing new for FanDuel, which is atop revenue lists in most states with mobile betting available thanks to its first mover status for same-game parlays, which bring higher holds as multi-leg wagers compared to single-event betting.

The NYSGC does not break out handle and revenue by sport-specific or wager-specific categories, but it is reasonable to belief FanDuel’s extended run of success for nearly three months can be traced back to hammering the public on such plays.

Over the past 10 weeks, FanDuel’s hold was comfortably over 10% for all but one of them, with the lowest a 10.1% hold the week ending June 30. The lighter summer handle makes operator win rate more prone to higher variance, but FanDuel posted a hold of 12% or better in six weeks during this current run.

The extended run of success has put FanDuel within $3.5 million of $2 billion in all-time revenue, a milestone likely to be reached with next week’s figures. Approximately 7.5% of FanDuel’s $19.14 billion handle has come in the last 10 weeks, but 9.1% of its all-time revenue has been claimed in this span.

FanDuel was one of four mobile sportsbooks to attain a 10% or better hold, and a fifth reached 9.6%. Fanatics Sportsbook had its best solo week since entering the Empire State, as it posted a week-leading 17.6% win rate to retain $3.2 million of its $18.3 million in accepted wagers.

It was the biggest weekly revenue haul since it combined with predecessor PointsBet for $10.1 million in winnings the week ending March 3. The big week pushed the licensees over $80 million in combined all-time revenue.

BetRivers also crossed the $80 million revenue benchmark thanks to a 10.4% hold from $8.8 million in handle. The two licensees are separated by $35,327, but the 7.9% all-time win rate fashioned by PointsBet and Fanatics is more than two percentage points higher than BetRivers (5.8%).

Fanatics and PointsBet made up substantial ground in revenue through the first six-plus months of the year: Its $33.8 million in winnings is $12.4 million more than the $21.4 million claimed by BetRivers.

DraftKings was a clear-cut No. 2 for the week, notching a 10.6% hold to collect $11.6 million in revenue from $110.2 million wagered. It was the first time DraftKings posted back-to-back, double-digit holds since Feb. 18-25.

Resorts World was in the middle of the pack for hold, landing at 9.6% in keeping $127,600 from its $1.3 million handle. BetMGM fended off Caesars for the fourth slot in revenue as its $1.8 million in winnings came with a 7.5% hold against $19.9 million worth of wagers. Caesars topped $1.6 million in revenue with a 6.2% hold from $26.4 million in bets placed.

Bally Bet posted $115,200 in revenue with a 7.5% hold against $1.5 million in handle, and WynnBET came out $11,551 ahead for the week with a 4.1% win rate against $284,100 wagered.

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