Each Wednesday and Sunday, Digital Wager Wire highlights the most important events impacting the domestic and international sports betting and gaming industry landscape.
New York Sports Betting Handle Tops $2 Billion
The reintroduction of NFL and college football to the sports betting landscape has been a boon for all sports betting operators around the nation. But none more than those toiling in the frenetic New York market where September’s handle soared to $2.07 billion in wagers, the state’s third-largest handle and only the fourth time it has surpassed $2 billion since online sports betting launched in the Empire State in January 2022.
The year-over-year handle was up 17.6% and showed a 44.3% rise over the previous month. The dizzying handle coupled with a 9.9% hold for the month combined for New York’s second-highest revenues of $204.7 million, trailing only the $211.5 million the sportsbooks generated in January.
DraftKings took in the most action, reporting $788.3 million, which narrowly topped FanDuel’s $784.2 million handle. However, the latter’s 12.5% hold delivered much more revenue than any operator in September, totaling $98 million for FanDuel compared to DraftKings’ $69.7 million.
Caesars posted $147.2 million in action, generating $13 million in profits, followed by BetMGM’s $143.8 million handle, equaling $10.3 million in revenues. Fanatics Sportsbook was the only other operator in New York to post a handle of more than $100 million, with $143.2 million producing revenues of $8.4 million.
Sphere No. 2
Sphere in Las Vegas has gained worldwide popularity with its state-of-the-art audio and visual technology coupled with an exterior that morphs from a giant yellow emoji to a detailed holiday scene one might see on a greeting card, with just the flick of a switch.
Sin City’s giant orb and most coveted entertainment venue cost $2.3 billion to build, and its 580,000 square feet of LED displays on the outside of its 366-foot high and 516-foot-wide façade are impossible to ignore. In a town built on glitz and glamour, Sphere takes it to the next level. Therefore, it is not completely surprising there would be a call for it in other locales.
According to recent reports, the next Sphere will be built in Abu Dhabi, in the United Arab Emirates (UAE). According to James Dolan, executive chairman and chief executive officer of Sphere Entertainment, building multiple Spheres is consistent with the goals initially set by the company.
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“The vision for Sphere has always included a global network of venues, and today’s announcement is a significant milestone toward that goal,” said Dolan. “Sphere is redefining live entertainment and extending the reach of its transformative impact.”
“Sphere Abu Dhabi will seamlessly integrate advanced technology with captivating storytelling, creating unforgettable memories for everyone who visits,” H.E. Mohamed Khalifa Al Mubarak, chairman of DCT Abu Dhabi, said. “This partnership aligns with our Tourism Strategy 2030, further establishing Abu Dhabi as a vibrant hub for culture and innovation.”
As for the financial terms, the UAE’s Department of Culture and Tourism will “pay Sphere a franchise initiation fee for the right to build the venue” and annual fees thereafter for Sphere’s intellectual property and creative designs.
