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New York Mobile Sportsbooks Bounce Back, Win $38 Million For Week

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2024-02-27

New York Mobile Sportsbooks Bounce Back, Win $38 Million For Week

DraftKings and FanDuel led a bounce back among New York‘s nine mobile sportsbooks the week after the Super Bowl as the New York State Gaming Commission reported just over $38 million in adjusted gross sports betting revenue for the week ending Feb. 18.

The two digital powerhouses combined for $34.9 million of that revenue haul as they were the only sports betting operators to post a hold above 8%. Operator winnings were up more than 650% from the previous week, when they combined for an all-time weekly low of $5.1 million.

All nine sports betting apps finished with positive AGR, while the $406.8 million handle was down 14.3% versus the previous week. The estimated taxes for the week ending Feb. 18 were $19.4 million, more than double the estimated $8.2 million that came with BetMGM, Caesars Sportsbook, and WynnBET posting losses following Kansas City’s overtime win over San Francisco in Super Bowl LVIII.

DraftKings edged out FanDuel for the top revenue spot by nearly $426,000, claiming $17.6 million in winnings with an 11.3% hold on $155.7 million handle. FanDuel had $17.2 million in revenue while crafting a 10.7% win rate from $161.6 million handle and surpassed $1.6 billion in all-time winnings in the Empire State.

Caesars was the only other operator to post a seven-figure revenue total for the week, claiming $1.3 million despite a 3.6% hold against $35.2 million worth of accepted bets. The weekly winnings pushed Caesars’ all-time revenue above $375 million.

BetRivers took fourth for revenue with more than $902,000, while PointsBet rounded out the top five with $463,000 and cleared $50 million in all-time winnings. BetMGM, which lost $4.8 million on Super Bowl LVIII betting and posted the largest single weekly loss at $9.6 million overall, scratched out a $177,000 gain this week with a hold of 0.6% from $31.1 million handle. Heading into the final week-plus of February, BetMGM was down nearly $2.8 million for the month.

Its weekly revenue, however, was still enough to hold off Bally Bet ($168,000) for sixth in revenue, though Bally Bet had its third-best handle with more than $2.5 million. Resorts World claimed $104,000 in winnings from $1.6 million handle, and WynnBET brought up the rear with $67,000-plus from $1.8 million in bets placed, resulting in a 3.7% hold.

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