Hold percentages returned to 10 percent for New York state’s online sports betting providers last month. This brought about a 27 percent rebound in revenue, according to numbers released by the New York Gaming Commission.
Sportsbooks realized $247 million of revenue on almost $2.5 billion in money wagered. The latter number represented a 17 percent year-over-year leap in handle.
FanDuel held at a tighter-than-average 11.5 percent, resulting in revenues of $111.3 million, a two percent increase. The company’s handle grew 11 percent to a market-leading $865 million.
More dramatic increases were seen by DraftKings, whose $838 million in handle represented a 26 percent vault. Winnings were 16 percent higher to $82 million, driven by 9.8 percent hold.
A huge handle increase of 64 percent went to BetMGM and its $195 million. However, the book realized only $14.8 million revenue, although that was a 48 percent surge.
Higher revenues were achieved by Caesars Sportsbook, despite lower handle of $163 million. Caesars held 2.1 percentage points tighter than BetMGM’s 7.6 percent, resulting in a win of $14.8 million.
Fanatics’s handle of $194 million almost equaled that of BetMGM and it surpassed both MGM and Caesars Sportsbook with $15 million for a third-place finish. BetRivers held at a tight 12 percent, converting $48 million of handle into $4 million in revenue.
ESPN Bet brought up the rear with $2 million of revenue achieved from $59 million in handle for a hold rate of three percent. BallyBet’s winnings weren’t broken out by J.P. Morgan analysts from all other operators, who achieved an aggregate $2 million.
