The New York sports betting scene has maintained its rise in weekly bets, surpassing the $500 million mark yet again. Despite the increase in total bets garnered, the state’s sports betting revenue in the past week experienced a decline.
In the week ending Nov. 26, New York’s online sportsbooks collectively amassed a remarkable $516.6 million in bets. This marks the second consecutive week and the third instance in five weeks where wagering figures by bettors soared above the $500 million benchmark.
The week before Nov. 19, the state witnessed an increase in total bets, rising by 2.4% and attaining an impressive sum of $529.5 million. This milestone marked a historic achievement, establishing a new record as the highest weekly handle ever recorded in the state’s history. The fervor of football season remains a driving force behind the rise in weekly legal sports betting handles in New York.
However, during the football-dominated Thanksgiving week, the New York Gaming Commission disclosed a downturn in revenue, indicating a staggering 47% decrease to a reported $21.5 million. The prior week saw the state generate a revenue of $40.7 million, with FanDuel leading the way with almost half of the revenue, contributing $18.4 million.
In a significant shift within the Empire State’s betting landscape, the win rate, which initially stood strong at 7.7%, experienced a decline to 4.2% by the week ending Nov. 26. This sudden decrease marks the lowest hold observed, and the first instance where revenue dipped below the $25 million threshold since the final week leading up to the football season’s commencement.
FanDuel Continues its Dominance in New York
FanDuel retained its leading position for yet another week in terms of betting volume. The online sportsbook reported a handle of $214.8 million for the week ending Nov. 26.
Despite maintaining its top position, there was a noticeable decline in the handle, down by approximately 18% compared to the previous week’s handle of $262.3 million. Moreover, the revenue generated by FanDuel also experienced a substantial decrease, dropping by 37.5% to $11.6 million from $18.4 million reported in the previous week.
DraftKings found itself trailing behind its competitor yet again, with a handle reaching $186.9 million during the latest reporting period. This figure demonstrated an uptick of 21.3% compared to the previous week’s reported handle of $154.1 million, ending on Nov. 19.
Despite the increase in betting activity, DraftKings faced a challenging situation in revenue generation. The operation managed to hold onto only 4.2% of the bets, resulting in a revenue of $7.9 million. This revenue figure shows a significant decline of 44.4% compared to the prior week’s revenue of $14.2 million.
During the Thanksgiving week, Caesars observed a rise in its betting handle, surging from $46.4 million in the previous week to $55 million. However, this surge in betting action did not translate to substantial revenue generation, as the operator only managed to yield $494,510.
BetMGM, on the other hand, encountered a challenging week, reporting a revenue of $395,877 despite handling $29.4 million in bets.
The recent performance of Resorts World Bet and WynnBet has seen both operators encounter consecutive weeks of losses. For WynnBet, this marked the third consecutive week in the red, highlighting persistent challenges faced by the platform.
Amidst these performances, Bally Bet, in its second week following a platform overhaul, witnessed a slight increase in its betting handle. The platform observed a rise from $1.76 million to $1.84 million in the amount wagered, signaling a modest improvement in user engagement following the recent changes to its platform.
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