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New York’s online sports betting market is beginning to stabilize as the NFL preseason kicks off. For the first time since July, the state’s eight operators have recorded over $300 million in wagers for two consecutive weeks, signaling a potential turnaround.
The New York Gaming Commission reported a handle of $307.8 million for the week ending August 11. This is a 6.9% drop from the previous week but suggests the market is finding its footing after a period of fluctuation.
Despite the dip in handle, there was an encouraging increase in revenue. Operators earned $24.6 million, an 8.8% rise from the prior week. The hold rate improved to 8%, which was better than the previous week’s 6.8%, indicating stronger performance by sportsbooks.
Revenue has hovered below $30 million in three of the past four weeks. However, with the football season just around the corner, expectations are high for a boost. In September 2023, New York sportsbooks averaged nearly $37 million in weekly revenue, a figure they hope to replicate this year.
DraftKings retained its position as New York’s top sportsbook for the second straight week, handling $116.4 million in bets. FanDuel followed with $109.9 million, though this was a 9.6% decrease from the previous week.
FanDuel also saw a recovery in its hold rate, achieving a 10% win rate and generating $11.1 million in revenue. The bounce-back was notable after the previous week’s dip, which ended FanDuel’s 11-week streak of double-digit holds. The operator also returned to over $10 million in revenue after briefly dropping below that threshold.
Meanwhile, DraftKings, despite a lower hold rate of 6.8%, slightly increased its revenue from $7.8 million to $7.9 million during the reported week.
Caesars had a positive week, posting $2.2 million in revenue on a handle of $26.2 million. The sportsbook’s hold rate of 8.6% was above the state average, demonstrating solid performance.
BetMGM, while reporting the fourth-highest handle at $23.5 million, saw a lower hold rate of 4.7%, resulting in $1.1 million in revenue. On the other hand, Fanatics rounded out the top five with a handle of $19.8 million and managed to surpass BetMGM in revenue, earning $1.5 million.
Bally Bet, though not in the red, had a challenging week, clearing just $49,915 on $1.3 million in bets. This was its worst performance since losing $33,000 in early May.
The report also marks the second week without WynnBET, which has exited the New York market. ESPN BET, having acquired WynnBET’s license, is set to enter the market later this month, introducing new dynamics to the competition.