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.
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.
