The Empire State’s nine legal sports betting online sportsbooks suffered through their slowest week in nearly a year in the most recent period ending July 16.
The New York Gaming Commission reported a weekly handle of $161.96 million, the lowest since the week of July 24, 2022, and the first time with wagers totaling under $200 million for the first time since late August 2022.
The handle for betting sites was 32% less than the previous week, marking the eighth consecutive week under $300 million.
Revenue slipped 23.7% week-over-week from $22.8 million to 17.4 million on July 16. It ended back-to-back weeks of $20 million in profits.
New York online operators reported a hold of 10.74%, which was up from the 9.6% the previous week, but there just weren’t enough wagers made to turn a bigger profit.
Wagers were down 12% from the same week in 2022, but revenue was up 64%.
FanDuel produces nearly 12% hold
FanDuel led New York sports betting for the week with $7.6 million in revenue on a handle of $64 million, the second consecutive under $100 million. A hold of 11.9% increased slightly from 11.3% in the previous week.
DraftKings fell just short of its rival with a handle of $56.99 million for the period ending July 16. A win rate of 10.2% turned into revenue of $5.8 million. Profits for DraftKings fell below $10 million for the fourth consecutive week, matching a similar run from late May through mid-June.
Caesars ranked third in New York for the week with a handle of $18.76 million, down nearly 35% from the previous period. A lower hold (8.4%) returned profits of $1.58 million. BetMGM was fourth with revenue of $1.3 million on a handle of $11 million.
