Huge weekly legal sports betting handles are becoming normal for the Empire State.
Prior to this fall, New York had only recorded one handle above $500 million in a week. Since Oct. 29, the Empire State’s done that twice.
The New York Gaming Commission reported a handle of $529.5 million for the week ending Nov. 19, the second highest ever in the Empire State.
It surpassed the 2023 high of $527.4 million at the end of October. The latest wagering mark from the eight online sports betting operators fell about $43 million shy of the all-time handle set in the week ending Jan. 23, 2022.
Wagering for the week ending Nov. 19 jumped 54% from the same week in 2022 and marked the sixth consecutive week of more than $400 million, continuing a New York record.
Bettors fight back
Revenue of $40.7 million, however, took a 7.3% drop week-over-week as bettors rallied from the previous week. The sportsbooks’ hold fell from 9.7% to 7.7% for the latest week.
It was a similar week to Oct. 29, when that big handle only produced a 5.5% win rate.
It probably didn’t help sportsbooks that the NFL’s New York Giants easily covered and won outright as an underdog at the Washington Commanders last Sunday. Two NFL in-state teams also squared off, which could’ve sparked the handle surge, with the favored Buffalo Bills crushing the New York Jets.
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FanDuel keeps hot streak alive
One particular sportsbook carried another heavy load.
Before the week ending Oct. 29, FanDuel had never generated a weekly handle of $200 million. The sportsbook giant has now gone over that mark in three of the last four weeks, including $262.3 million in wagers during the week ending Nov. 19.
That was tops in New York for the week, but FanDuel’s 7% hold produced $18.4 million, its second-lowest revenue in the last six weeks.
DraftKings finished behind its rival once again, turning in a handle of $154.1 million. A 9.2% hold produced a respectable $14.2 million in revenue.
Caesars generated a $46.4-million handle, the third highest for the week in New York, and saw its revenue jump 53% to $4.3 million.
BetMGM went over $30 million in handle for the first time since April 9, but it produced a hold of just 6.9%.
WynnBet turned in its second consecutive losing week ($166,031) and finished in the red for the third time in five weeks.
