The Empire State’s nine online sports betting operators experienced their slowest week in 11 months.
The New York Gaming Commission reported a handle of $224.6 million in the week ending July 21. It marked the lowest amount wagered in the Empire State since a $223.8 million handle was posted in the week ending Aug. 13, 2023.
With Major League Baseball, which provides the most popular betting markets this time of year, on its annual All-Star break, a lighter week was expected. New York produced a handle of $162 million during the week of the 2023 event.
Mobile sportsbooks combined to produce $25.1 million in the week ending July 21. That’s the lowest profits generated since May 5, and it’s just the second time in 11 weeks operators have combined to bring in under $30 million in revenue.
However, the 11.2% hold nearly matched the last two weeks’ win rate of 11.3%.
Action fell 26% compared to the previous week, while profits slipped 26.8%.
MLB is back in full and the Summer Olympic Games kicked off this week in Paris, providing plenty more wagering options than the previous period.
Bashing bettors
Behind $11.2 million in revenue, FanDuel continued to bash bettors with a 13% hold that ran its streak of double-digit win rates to 11 consecutive weeks.
FanDuel also led all online sportsbooks with a weekly handle of $86.8 million and is quickly closing in on $5 billion wagered with the operator in 2024.
Still, it was the first handle under $100 million that FanDuel’s seen in 46 weeks.
DraftKings closed the gap between it and FanDuel more than the previous week with a handle of $81.5 million. DraftKings produced $7.7 million in revenue for a hold that fell about half of a point shy of 10%.
Catching up
Caesars finished the week ending July 21 with the third-highest handle at $19.9 million, and an impressive 12.5% hold produced $2.5 million, up 56% week-over-week.
The fourth-best handle in New York didn’t go to BetMGM, which has generally owned that spot. Instead, Fanatics Sportsbook generated $14.2 million of wagers and enjoyed a 12% hold to produce $1.7 million of revenue.
BetMGM had a rough week as a $12-million handle was down nearly $8 million from the previous week. Revenue dipped below the $1-million mark for the first time since February’s Super Bowl.
Seven of the nine New York sports betting operators produced holds of at least 9%, including WynnBet’s 13.3%.
