Wall Street Bets is a roundup of recent notes from analysts covering the gambling industry.
Sports betting in New York
J. P. Morgan’s Joseph Greff March 14 looked at sports betting in New York.
“Following the most recent weekly online sports betting figures (for the week ending March 9, 2025) released by the New York Gaming Commission, quarter-to-date OSB GGR is tracking up 19% year-over-year, while handle is tracking up 22%, implying an 8.9% hold rate versus 9.0% during the comparable 2024 period.
“For the week ending March 9, 2025, GGR was up 12% year-over-year, while handle was up 29%, implying a 7.4% hold rate versus 8.5% in the comparable period ended March 10, 2024.”
By operator:
“FanDuel: Quarter-to-date, gross revenue is tracking up 10% year- over-year, and handle is tracking up 8%, implying a 10.9% hold rate (up 19 basis point year-over-year). Quarter-to-date GGR share is at 46% (versus 50% in the comparable 2024 period), while handle share is at 37% (versus 42% in the comparable 2024 period). For the week ending March 9, 2025, GGR was down 5% while handle was down 1%, implying an 8.5% hold rate (down 36 basis points year-over-year).
“DraftKings: Quarter-to-date, gross revenue is tracking up 5% year- over-year, and handle is tracking up 28%, implying a 7.8% hold rate (down 169 basis points year-over-year). Quarter-to-date GGR share is at 31% (versus 36% in the comparable 2024 period), while handle share is at 36% (versus 34% in the comparable 2024 period). For the week ending March 9, 2025, GGR was up 24% while handle was up 63%, implying a 6.8% hold rate (down 215 basis points year-over-year).
“BetMGM: Quarter-to-date, gross revenue is tracking up 121% year- over-year, and handle is tracking up 29%, implying a 7.9% hold rate (up 329 basis points year-over-year). Quarter-to-date GGR share is at 6% (versus 3% in the comparable 2024 period), while handle share is at 7% (versus 7% in the comparable 2024 period). For the week ending March 9, 2025, GGR was up 2% while handle was up 2%, implying a 7.3% hold rate (up 0 basis points year-over-year).
“Caesars: Quarter-to-date, gross revenue is tracking up 15% year-over- year, and handle is tracking down 18%, implying an 8% hold rate (up 228 basis points year-over-year). Quarter-to-date GGR share is at 6% (versus 6% in the comparable 2024 period), while handle share is at 7% (versus 10% in the comparable 2024 period). For the week March 9, 2025, GGR was down 33% while handle was down 22%, implying a 6.5% hold rate (down 103 basis points year-over-year.
“ESPN BET: Quarter to date, ESPN GGR share is at 2%, while handle share is at 2%. For the week ending March 9, 2025, GGR share was at 3% and handle share was at 2%.”
Las Vegas Strip report
Truist Securities’ Barry Jonas March 13 surveyed Las Vegas Strip room rates.
“Our Las Vegas Strip room rate survey shows a solid Q1 in-line with our last published survey, overcoming a tough Super Bowl comp. April is also up year-over-year with week-to-week rates holding steady. While recession fears have risen in the past few weeks, our survey is not yet showing any fundamental change. This suggests to us that recent underperformance of Buy rated MGM (stock at ~2.5 year low) and Caesars (stock at ~5 year low) may be overdone – though we are monitoring for any meaningful consumer shifts. Our survey should be viewed as more of a directional than exact indicator for room trends with just one facet of the market.”
New Jersey gaming revenue
J. P. Morgan’s Greff also looked at New Jersey’s February gaming revenue.
“For the month of February, the New Jersey Gaming Commission reported casino revenues of $203.5 million, down 3.8% year-over-year and up 3% versus 2019. Sports betting revenues for the month were $72.7 million, up 12% year-over-year. igaming generated revenues of $207.8 million, up 14% year-over-year. Sports betting handle for the month was $950 million, down 9% year-over- year, while hold was 7.7%, up 142 basis points year-over-year.
“Total land-based casino gaming revenues for the month were $203.5 million, down 3.8% year-over-year. Slot GGR was down 5% year-over-year , and table GGR was down 8.5%.
“GGR at MGM’s Borgata was $49.9 million, down 7% year-over-year with tables down 15.5% and slot win down 4%.
At Caesars properties (Caesars AC, Harrah’s, and Tropicana), GGR of $48.3 million was down 6% year over year. For the month, aggregate table win decreased 8.5% and slot win was down 5%.”
