Another wild NFL run of upsets helped lead New York sports betting operators to a 21% year-over-year revenue increase during the week ending Sept. 22.
The New York Gaming Commission reported that the eight online sportsbooks hauled in $43.5 million in revenue, down from the $69.2 million made in the previous week, but still a solid number.
It marked the first time with consecutive periods of $40-plus million in revenue in 17 weeks.
Like the previous week in the NFL, there were numerous upsets. The San Francisco 49ers, Tampa Bay Buccaneers, and Houston Texans lost outright as favorites, and the week’s revenue doesn’t include what sportsbooks made off of the Cincinnati Bengals losing to the Washington Commanders on Monday Night Football. Of course, it also doesn’t count the Buffalo Bills, who joined the New York Jets and Giants as Empire State teams that won and covered.
Best handle yet
Mobile wagering generated $480.1 million, up from the $428.3 million during the NFL’s Week 3 last year in New York sports betting, and slightly higher than the previous week’s $478.2 million.
The handle surpassed $400 million for the fourth consecutive week and was the highest since pro and college football season began.
A 9.1% hold was down more than five points from the previous week’s ridiculous win rate of more than 14%. It is more than half a point higher than the same NFL week in 2023.
The Empire State hauled in an estimated $22.2 million in tax revenue, filling New York’s coffers with more than $57 million from the last weeks.
Top dogs down
FanDuel took a significant revenue hit as the $19.2 million hauled in for the week ending Sept. 24 was down 45%. The handle of $175.4 million also fell 4.3% week-over-week, but the online sportsbook still brought in the most money, thanks to an 11% hold.
DraftKings had the better handle, generating $181.6 million, but a 9.6% win rate led to $17.4 million, down more than $6 million from the previous week. However, DraftKings surpassed $500 million in year-to-date revenue with the latest haul.
More competition coming
Following the big dogs, there was a competitive three-operator battle for the next few spots.
BetMGM took home third for the week with a handle of $37.2 million, but Fanatics Sportsbook generated $37 million in wagers while Caesars recorded a $35.6-million handle.
BetMGM and Fanatics fell to sub-4% holds, each limiting their revenues to less than $1.5 million, but Caesars produced nearly $3 million in weekly profits.
The remaining three operators all turned a profit, with BetRivers producing a 9.6% hold on a handle of $9.3 million.
There will be more competition next week as ESPN BET launched online operations in the Empire State in time for Week 5 of college football and Week 4 NFL action. The PENN Entertainment sports betting platform took over the license previously held by WynnBet.
