Profits soared for the Empire State’s eight online sports betting operators in mid-August.
After a pair of weekly win rates under 7%, sportsbooks turned in a 12% hold to rack up $36.2 million in revenue for the week ending Aug. 18. The New York Gaming Commission reported a weekly handle of $300.2 million.
The amount wagered slipped 2.4% from the previous week. However, with MLB playoff races heating up, the second week of NFL preseason, and the WNBA and English Premier League back in action, the handle stayed above $300 million for the third consecutive week following a rare back-to-back run in July under that wagering mark.
Meanwhile, revenue jumped a whopping 47%. It was the largest week-over-week increase since revenue went from $23 million during the week ending May 5 to $70.9 million the following week.
Big brands, big numbers
FanDuel produced $15.2 million in revenue on a $107 million handle to lead New York sports betting operators in both categories in the week ending Aug. 18.
The online sportsbook giant bashed bettors behind a 14.2% hold. FanDuel’s profits were the highest in two months, and revenue increased 36.4% week-over-week.
DraftKings wasn’t far behind with a second-best handle of $103.7 million. A hold slightly higher than the state’s average for the week led to $12.8 million in revenue and ended a two-week streak of profits of less than $10 million.
Typically behind Caesars in the pecking order, BetMGM reached $30 million in wagers for the first time since mid-April to finish third for the week. The online sportsbook’s $2.1 million in revenue was up more than 90% week-over-week.
Fanatics takes off
Fanatics enjoyed its best week since migrating from the PointsBet platform in late February. The online operator generated a $21 million handle for the first time since early March, and a 12.8% hold produced $2.8 million, third highest by an Empire State operator for the week ending Aug. 18.
Caesars generated $25.6 million in wagers to finish fourth and hauled in revenue of $2.4 million.
BetRivers just missed out on a double-digit hold, but still hauled in $711,778 on a handle of $7.8 million.
Not every operator got the best of bettors. Bally Bet had a 1.8% hold on a $1.4 million handle.
