NY sports betting surges, both handle and revenue

March 10, 2024 12:20 PM
Photo: Shutterstock
  • David McKee, CDC Gaming Reports
March 10, 2024 12:20 PM
  • David McKee, CDC Gaming Reports

Online sports wagering revenues in New York State rose 21 percent in February, with a hold percentage of 7.4 percent, slightly lower than industry standards. Handle (money bet) was also up 21 percent, at almost $1.8 billion wagered.

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Revenue before taxes was $131.4 million. One operator, Fanatics Sportsbet, participated in the market for only one day, having launched on February 29.

Although DraftKings, FanDuel, and BetMGM saw substantially increased handle — 24 percent, 22 percent, and 20 percent, respectively — only the first two increased revenue. BetMGM lost ground in revenue, while Caesars Sportsbook ceded both handle and revenue alike.

DraftKings grossed $53.4 million on $608 million in handle, a 59 percent surge. FanDuel led in both handle ($720 million) and revenue ($63.4 million), the latter a 19 percent increase.

BetMGM booked $130 million in wagers, but realized revenue of only $600,000. Caesars Sportsbook’s handle ($161 million) was down 17 percent. Its revenue of $6.7 million represented a 21 percent drop.

Fanatics captured $2.9 million, most of which appeared to be carried over from its predecessor in the Empire State, PointsBet. BetRivers rose 22 percent to $3 million in revenue, while WynnBet faded 65 percent to $200,000 in win. Resorts World Bet, an offshoot of Genting Group, achieved $500,000 and BallyBet won $700,000.