Empire State sportsbooks saw their revenue take a plunge during the week ending April 14 like they haven’t seen since the February Super Bowl, which also went the way of the bettor.
The New York Gaming Commission reported that the nine online operators recorded revenue of $27.5 million, a 35.7% week-over-week drop. It’s ended an eight-week run of $30 million or more of revenue.
In a week highlighted by the Masters, the NBA and NHL winding down, and Major League Baseball in full swing, online sportsbooks saw the combined handle jump 4.5% from the previous week to $487 million.
Operators have kept the hold around 9% for much of the weeks following the Super Bowl, but a hold of 5.6% in the week ending April 14 marked the second time in the last four weeks that they couldn’t get their win rate above 6%.
Bettors took the hold down more than three points from the previous week, but the handle stayed above $400 million for the 26th time in 27 weeks.
Big dogs struggle
As things typically go in New York, FanDuel and DraftKings dominated the landscape, accounting for 76% of the weekly handle and 85% of the revenue.
DraftKings generated a $193.2 million handle, the highest in New York for the first time since the week ending Dec. 17, but the online sportsbook was held back by a 3.7% win rate that produced $7.1 million of revenue.
FanDuel’s handle fell from $194.6 million in the previous week to $177.7 million in the week ending April 14. Revenue slipped $5.5 million to $16.3 million, the lowest in the last three weeks.
Caesars had the third-highest handle at $36 million with a hold of 4.7%. BetMGM’s $31.9 million handle was slightly higher than the previous week, but revenue was nearly $700,000 less week-over-week because of a 4% hold.
The rest of the field
No online New York sports betting operator finished in the red for the week ending April 14, but there wasn’t a lot of winning either.
Bettors beat BetRivers up pretty badly. The Rush Street Interactive-owned operator posted a 0.9% hold on a $27.4 million handle.
Fanatics Sportsbook had to be pleased with its second consecutive $17 million handle week, but revenue of $634,000 was nearly a million dollars less than the previous period.
And then there was Bally Bet, which hauled in $1,281 on a $1.7 million handle.
