No online sportsbook in New York has posted double-digit holds for 10 straight weeks since mobile sports betting launched in January 2022 until FanDuel accomplished the feat last week.
FanDuel Stays Sharp
FanDuel, New York’s leading online sportsbook, held the previous weekly double-digit hold record spanning nine weeks from July 31 to September 25, 2022. But that record fell last week as FanDuel outdid themselves with a double-digit hold every week for the last 10 weeks ending on July 14th. The mobile sports betting goliath reported a 12.7%-win rate while accepting just shy of $117 million in wagers, which generated $14.8 million in revenue.
Overall, New York’s nine online sportsbooks ended that second week in July with a combined handle of $303.7 million, which produced $34.2 million in revenue on an 11.7% hold that netted the state roughly $17.5 million. Despite the hundreds of millions wagered and the tens of millions in revenue, it was the slowest week since the week ending August 27th of last year that took in $212.2 million worth of action.
FanDuel was one of the first to promote same-game parlays, which is a cash cow for all sportsbooks and FanDuel is no exception. Bet a little and win a lot is the name of the game but hitting those parlays can be elusive, which fattens the sportsbooks’ wallets.
As for its record-setting run of double-digit holds, FanDuel barely edged above 10% during the week ending on June 30th but saw six of those 10 weeks with a win rate of 12% or higher. The undisputed king of New York’s mobile sports betting realm is likely to become the first sportsbook to break the $2 billion revenue barrier next week as it is only $3.5 million from doing so.
The Rest of the Pack
DraftKings has been the only sportsbook in the Empire State to overtake FanDuel in terms of handle but the week ending July 14th was not such a week. It was, however, active enough to bring DraftKings a close second with $110.2 million in accepted bets, which generated $11.6 million in revenue on a 10.6% hold.
To put in context how dominating FanDuel and DraftKings are in the New York market, the duo combined for 74.8% of the weekly handle and 77.2% of the combined revenue for the week ending July 14th.
Caesars took the bronze medal in handle with $26.4 million in accepted wagers but due to its meager 6.2% hold, the Las Vegas gaming icon reported only $1.6 million in revenues.
BetMGM showed $19.9 million in wagers but a relatively low 7.5% hold produced $1.8 million
Fanatics Sportsbook posted a stunning 17.6%-win rate, topping all other eight sportsbooks, which produced its best solo week yet in the Empire State. The relative newcomer reported a handle of $18.3 million, which delivered $3.2 million in revenues.
BetRivers reported a 10.4% on an $8.8 million handle, which netted $915,000 while WynnBET recorded $284,100 in bets that delivered $11,551 in revenues on a weak 4.1%-win rate. WynnBET is winding down its mobile sports betting operations in New York and elsewhere.
