In the week ending April 14, the Empire State’s nine online sports betting operators saw a run of eight consecutive weeks of $30 million or more in revenues come to an end.
However, that low-producing week looks more like an aberration than a new trend. For the week ending April 21, profits soared 109.1% to $57.3 million, an almost $30 million increase from the previous period.
The week’s total fell just short of becoming the sixth time there was a week-over-week revenue jump of $30 million, and it was the largest revenue haul since the middle of January.
The amount wagered eclipsed $400 million for the 27th time in 28 weeks. The New York Gaming Commission reported a weekly handle of $455.8 million, down 6.5% from the previous week.
Sportsbooks won’t complain about less action when the hold goes from 5.6% one week to 12.6% the next week.
DraftKings sets new record
DraftKings saw the largest week-over-week revenue rise as it went from $7.1 million, its lowest since the Super Bowl, to $27.3 million, a new record for the online sportsbook.
DraftKings’ previous revenue high of $25.2 million came during the week ending August 6, 2023. The operator also generated a state-best $187.1 million handle in the week ending April 21.
FanDuel finished second with a handle of $170.9 million, down 3.7% week-over-week, and revenue of $21.2 million, up 30% from the previous period.
Bouncing back
Every online New York sports betting operator saw revenue grow from the previous week.
Caesars greatly improved its win rate as it produced revenue of $3 million, nearly double the previous period, on a $33.7 million handle that was more than $2 million less than last week.
Meanwhile, BetMGM had the fourth-best handle at $29.7 million, while clearing over $2.7 million in revenue. Fanatics Sportsbook also bounced back, seeing its revenue go from $634,000 one week to $1.7 million the next, while its handle went from $17.1 million to $17.9 million.
