Nine online sports betting operators generated the second-highest handle in Empire State history, but the bettors won back all but 1.9% of the wagering during the week ending Oct. 20.
The New York Gaming Commission reported weekly revenue of $10.4 million on a $548.4 million handle. The less than 2% hold marked the second-lowest ever in the Empire State, ahead of only the most recent Super Bowl week.
Between another good run for NFL bettors and the New York Yankees clinching a World Series berth for the first time in 15 years, revenue fell 49.4% week-over-week despite the handle rising 13.4%. The win rate fell below 5% for the second consecutive week.
New York operators generated more than $500 million in wagers for the second time in four weeks and fourth in 2024. The handle for the week ending Oct. 20 ranks only behind a week in late January 2022, the first month of online sports betting in New York.
Compared to Week 7 in the NFL last year, Empire State sportsbooks took in $120 million more in wagers but paid out $15 million more in winnings by the players.
Two sportsbooks finished in the red while all but three operators endured week-over-week declines. However, two of those were coming off losing weeks anyway.
Staying put
ESPN BET was the lone operator that finished in the black during the previous week to increase revenue the next week.
The PENN Entertainment platform hauled in $537,911, its second-highest revenue since launching in late September, despite the $8.1 million in wagers being the lowest full-week handle yet. ESPN BET finished seventh among all operators and behind BetRivers again in New York.
The amount wagered fell 7% week-over-week and was down more than $940,000 from the week ending Oct. 6, ESPN BET’s first full seven days of action in the Empire State.
The online operator has produced $2.04 million in revenue since going live in the Empire State. PENN purchased WynnBet’s license for $25 million earlier this year.
Fanatics produces solid week
FanDuel led all New York sports betting operators with a handle of $207.9 million while the $5.9 million in revenue dropped 57.5% week-over-week. It was just the third time in 2024 that FanDuel claimed less than $10 million in weekly profits.
DraftKings had an even bigger drop as a 0.8% hold on a $198.3 million handle left the online sportsbook just $1.5 million in revenue, its worst week since suffering a $3.4 million loss in September 2023.
Fanatics Sportsbook finished third with a handle of $40.3 million and had one of the better runs with revenue of $2.3 million. Caesars wasn’t far behind with a handle of $39.5 million, but a 1.3% hold led to just $515,351 in profits.
BetMGM was the biggest name in New York to endure a losing week, paying out $499,551 more than the $38.6 million it generated.
BetRivers produced a 4.5% hold on an $11.1 million handle while Resorts World Bet turned a $221,000 loss in the previous week into a $50,411 winning week from a $1.8 million handle. Bally Bet wasn’t so lucky as the operator lost $270,933 on a $2.8 million handle.
