The United States’ most lucrative sports betting market saw a slight decrease in action the week before Thanksgiving. The New York Gaming Commission reported a $489.9 million handle during the week of Nov. 24, down slightly from $491.6 million the previous week and a 5.2% decrease year-over-year.
It’s the first time since mid-October the amount wagered failed to reach $500 million in back-to-back weeks.
However, the steady 10.5% hold for nine online sports betting operators produced the fifth consecutive period of more than $50 million in revenue, continuing a New York record. Empire State sportsbooks’ combined $51.4 million haul was down a slight 2.6% week-over-week but up a robust 139% year-over-year.
Seven of the nine operators enjoyed at least 8% win rates while four finished the week in double digits. The same NFL week this year fell during Thanksgiving week last year. The heavy dose of holiday sports wagering should produce more action in New York’s next weekly release.
FanDuel keeps streaking
FanDuel’s streak of five consecutive weeks with a handle of more than $200 million narrowly ended during the week of Nov. 24, but the online sportsbook extended its run of $20 million revenue periods.
FanDuel, which only had two revenue weeks go over that mark during the same period last year, hauled in $23.1 million on $198.97 million wagered to lead New York sports betting in both categories. The 11.6% hold was FanDuel’s fourth consecutive win rate of at least 11%.
DraftKings almost got to $20 million, hauling in a $19.1 million hold on a $161 million handle. An 11.8% hold produced the online operator’s best weekly profit in a month.
Battle in the middle
Tight competition between BetMGM and Fanatics Sportsbooks continued during the week ending Nov. 24.
A week after falling out of the third spot in New York operator handle by around $3 million, BetMGM generated $37.8 million in wagers to slightly best Fanatics’ $37.7 million handle. Caesars was fifth with a $31.8 million handle but ahead of the other two operators with $3.3 million in revenue, thanks to a 10.4% hold.
Bettors hammered Fanatics, keeping the win rate to 2% and revenue below $800,000. BetMGM hauled in $3.2 million in profits behind a hold just below 9%.
Stagnant growth
ESPN BET remained consistent, generating more than $8 million in wagers in all eight of its full weeks of operations in New York. However, it also remained seventh among operators behind BetRivers for another week.
ESPN BET’s $8.3 million handle was a slight decrease from the previous week as market growth became stagnant over the last month. Behind a 6.4% hold, ESPN BET’s $532,583 weekly haul is its third-lowest revenue since its first full week in early October.
BetRivers finished with a $10.8 million handle. A 10.5% win rate produced over $1 million in revenue for the fourth time in the last eight weeks. Both Bally Bet and Resorts World Bet produced holds of nearly 9% as their handles increased week-over-week.
