According to the New York State Gaming Commission reports, state-licensed mobile sportsbooks have reached an unprecedented milestone in their weekly revenue. The eight mobile betting operators in the state collectively raked in an impressive $62 million in gross gaming revenue for the week ending on Oct. 15.
The previous record for the highest weekly revenue stood at $57.5 million, set in the week ending on Jan. 22, 2023. Remarkably, the Empire State saw a significant surge of 100.6% from the previous week’s $30.9 million, establishing an outstanding new all-time high.
During the same week, the active operators in the state contributed to a total sports wagering handle of $402.7 million, marking a 3.6% increase compared to the preceding week. This is the fifth occurrence in six weeks where the state has achieved a handle exceeding $400 million with the highest coming in the week ending on Oct. 1 ($468.8 million). This significant boost in the revenue of mobile sportsbooks has been attributed to the ongoing football season.
FanDuel Dominates New York with Highest Weekly Revenue
The New York Gaming Commission issued licenses to nine privately owned mobile operators on Jan. 20, allowing them to legally offer and accept online sports bets within the state. Presently, only eight of these operators are actively operating.
Bally Bet, one of the sports betting companies, made the decision to temporarily suspend its mobile platform a few months ago. This action was driven by their strategy to undergo a comprehensive revamp, including the integration of new and advanced technologies.
While Bally Bet transitions its platform to Kambi, the remaining eight mobile sportsbooks have achieved a significant milestone. In the 93 weeks since New York’s mobile sports betting launched in Jan. 2022, they collectively posted an all-time high hold of 15.4%. This surpasses the previous record, which stood at 14.2% and was set in the week ending July 10, 2022.
These sportsbook operators have consistently recorded double-digit holds in 34 of the 93 weeks of mobile betting. However, the week ending Oct. 15 marked the first time since Sept. 10 that the win rate exceeded 10%. During this record-setting week, mobile revenue surpassed the $2.5 billion mark, and the total mobile handle surged beyond an impressive $30 billion.
FanDuel outperformed other sportsbooks, accounting for nearly half of the total gross gaming revenue. The operator achieved record-breaking earnings of $29.5 million, marking an all-time high for the online sportsbook in the state. It also managed a handle of approximately $160 million, maintaining a hold of 18.5%.
DraftKings came close with pre-tax earnings of $23 million and a mobile sports wagering handle of $145.9 million, making up for a significant portion of the state’s total volume. Caesars Sportsbook maintained its third-place position from the previous week, boasting a total handle of $42.5 million and a hold of 11.5%. Additionally, it generated a gross gaming revenue of $4.9 million.
BetMGM recorded a mobile sports wagering volume of $22.3 million and secured revenue of $3.1 million. Meanwhile, BetRivers garnered its most substantial weekly revenue of $22.7 million, with pre-tax earnings totaling $383,836.