A small increase in action for the week ending July 7 didn’t hamper a bigger week-over-week revenue gain in the Empire State.
The New York Gaming Commission reported that the nine online sports betting operators combined to haul in $36.7 million in revenue, up 26% from the previous week, on a handle of $323.9 million.
The amount wagered slightly increased from the $322.6 million handle, but the win rate jumped more than two points, putting the Empire State sportsbooks back into double digits with an 11.3% hold in the first week of July.
New York sports betting operators were coming off a sluggish June when revenue dropped 34% month-over-month, but sports betting profits don’t typically stay down long in the Empire State.
This is a welcome sign with offerings taking a dip as MLB is the primary major sport, but increased action in the WNBA and high-level soccer likely led to an improved week for New York operators.
Neck and neck
The usual suspects led the charge. FanDuel and DraftKings accounted for $28.7 million of the combined total revenue and 74.6% of the weekly handle.
FanDuel generated $14.4 million in profit from a $123.7 million handle that was $3 million less than the previous week. This is the ninth consecutive week the online sportsbook giant has posted a double-digit hold.
DraftKings was right there with revenue of $14.3 million on wagers of $118 million, enjoying a 12.1% hold that was a touch better than FanDuel’s 11.6%.
High hold for Caesars
Caesars posted a solid week with $3.3 million of revenue, its highest since late May, thanks to a state-best 12.3% hold on a handle of $26.6 million. Caesars also became the third New York sports betting operator to surpass $1 billion in the amount wagered in 2024.
BetMGM finished with the fourth-highest handle with $26.8 million wagered in the week ending July 7. A 10.3% hold led to revenue of $2.8 million a week after not clearing $2 million in profits.
With a $16.9 million handle, Fanatics was the only other sportsbook in the Empire State to surpass $10 million in wagers for the week, but a 5.6% hold led to nearly half of the previous week’s revenue.
