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New York Mobile Sportsbooks Steamroll Public For $34 Million Weekly Haul

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2024-08-02

New York Mobile Sportsbooks Steamroll Public For $34 Million Weekly Haul

FanDuel is not the only mobile sportsbook in New York capable of putting up a double-digit hold.

Six of the Empire State’s nine digital operators attained win rates of 11% or better for the week ending July 28 according to New York State Gaming Commission figures released Friday as they claimed $34.3 million in sports betting revenue.

The 12.6% overall hold ranks 15th in 134 weeks of mobile betting and was the highest since a 13.3% win rate achieved May 12. It also marks the first time in New York mobile wagering — which launched in January 2022 — the collective win rate has been 11% or higher for four consecutive weeks.

Handle rebounded following the MLB All-Star break, climbing 21% to $271.7 million. That was 24.7% higher than the first week of mobile betting following last year’s Midsummer Classic. Revenue was up 36.7% as the week’s hold was nearly 1.5 percentage points higher than the 11.2% fashioned for July 21.

All nine operators finished with positive gross revenue, resulting in an estimated $17.5 million in state tax revenue.

— Matt Rybaltowski (@MattRybaltowski) August 2, 2024

DraftKings avoided its first back-to-back weeks with less than $10 million in revenue since Aug. 20-Sep. 4 as it finished the week with $11.4 million and an 11.7% hold from $97 million in handle. The weekly winnings were also enough to lift it above $400 million for the calendar year.

But the good week was merely a footnote to Thursday’s seismic announcement that New York — along with bettors in Illinois, Pennsylvania, and Vermont — will be subject to a surcharge on winning bets as DraftKings looks to recoup some of its revenue in high-taxed states.

While DraftKings has not settled on a surcharge percentage for New York bettors to help offset the 51% tax rate that is the highest in the United States, a 5% levy on the week’s $85.6 million in payouts on winning bets would have boosted its bottom line by $4.3 million and raised the hold to 16.1%.

Unsurprisingly, FanDuel led this week’s rout with a robust 14.1% hold to collect $14.6 million in winnings from $103.2 million in handle. It is the 12th straight week the mobile leviathan had a double-digit win rate — the longest in New York mobile betting history — and it was the fifth time in that span its hold eclipsed 13%.

Fanatics Sportsbook made a strong push for the top spot, settling for second at 13.7% while reaping $2.4 million in winnings from $17.9 million handle. Fanatics has put together an impressive three-week run, attaining a 14.6% hold in that span with $7.4 million in revenue from $50.4 million in handle.

Caesars took the final podium spot for revenue with $2.7 million from $24.3 million in handle as it posted back-to-back holds above 11% for the first time since Aug. 21-28, 2022. BetMGM‘s 11.6% win rate was its highest since a near-12% mark Feb. 25 as it claimed $2.2 million in winnings from $19.2 million worth of bets.

BetRivers was the sixth mobile operator in the 11% hold club for the week, garnering $763,000 in revenue from $6.7 million in handle. The 11.4% hold was its highest since a 12.3% win rate posted May 26.

The state’s three smallest mobile sportsbooks wound up with the three lowest holds of the week. Bally Bet was the best of the trio at 7.5%, which provided $122,100 from $1.6 million worth of bets.

The 3.5% win rate by Resorts World was its lowest since a 2.4% hold May 12 and resulted in a revenue haul of $57,100. WynnBET, an afterthought in the Empire State as its $171,332 in accepted wagers represented 0.06% of the week’s action, pocketed just $3,300 of those bets as it finished with a hold just under 2%.

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