The Empire State's online sportsbooks surpassed $60 million in income for the second consecutive week as the New York Knicks bowed out of the NBA playoffs.
Key takeaways
- New York sportsbooks put together back-to-back 13% holds for the first time.
- The higher profits came from a 3.1% week-over-week handle increase.
- FanDuel and DraftKings dominated the Empire State with over 70% of handle and revenue.
The New York Gaming Commission reported Thursday that nine mobile sportsbooks hauled in $64.5 million during the week ending June 1, the most since the week ending Jan. 19. New York bettors got smashed in the NBA's Eastern Conference Finals as May's final two weeks generated over $127 million in operator income.
It’s the seventh time since the 2024 NFL season began that New York sportsbooks churned out a $60 million revenue week. The latest seven-day stretch included one Knicks' win and two victories the Indiana Pacers needed to advance in six games to the NBA Finals, where they’ll play the Oklahoma City Thunder in Game 1 Thursday.
The operator-friendly run came on a $493.3 million handle, a 3.1% week-over-week increase. Hold from the week ending June 1 gave New York sportsbooks 13% holds for the first time in consecutive weeks.
Big boys eat again
FanDuel produced a nearly identical week in New York sports betting. The online book recorded $26.4 million in revenue from a $169.9 million handle, down less than $1 million from the previous week. It’s the first time FanDuel made at least $26 million in consecutive weeks since the NFL Playoffs' first two weekends in January.
DraftKings led all operators for the second consecutive week in money wagered, generating a $187.6 million handle, its highest since the week ending April 6 and a 4.7% increase from the previous period. DK hauled in $23.8 million in revenue, the most in 11 weeks.
A week after enjoying 73% of the Empire State’s handle and 76% of gross profit, FanDuel and DraftKings combined to make up 72% of handle and 78% of operator income.
Fanatics, ESPN BET enjoy higher profits
Fanatics Sportsbook generated the third-highest handle with $41.4 million. A 12.1% hold produced $5 million in revenue, nearly $600,000 more than the previous week. Caesars was fourth with a $34.2 million handle, but the online operator only made $3 million in income. BetMGM had a better success, using an 11.4% hold to produce a $3.7 million profit from a $32.2 million handle.
BetRivers saw a nearly $2 million increase in week-over-week bets to $12.6 million while revenue surpassed $1 million. ESPN BET almost had an identical haul with $10.3 million in wagers, but hold rose over 4 points to 10.6%. The win rate put the online operator over $1 million in weekly revenue for just the third time in the last six weeks.
Resorts World Bet and Bally Bet both saw week-over-week handle and profit increases.
