All the upsets in the NFL’s wild Week 2 helped New York’s eight online sports betting operators rack up monster revenue that nearly set a record.
During the week ending Sept. 15, Empire State mobile sportsbooks hauled in $69.2 million, according to the New York Gaming Commission’s report, and it marked the second-most weekly revenue in New York’s sports betting history.
The weekly profit sits only behind the $70.9 million generated during the week ending on May 12, which was highlighted by the New York Knicks playing in the NBA playoffs.
It’s the fourth time weekly revenue has reached $60 million since online wagering began in January 2022 and the third time in 2024.
Compared to the NFL’s 2023 Week 2 and Week 3 in college football, New York’s revenue skyrocketed 143.7% year-over-year.
Bettors got smashed as popular favorites Baltimore, Kansas City, San Francisco, Detroit, and Dallas all failed to cover in Week 2. The Chiefs were the only one of that group to win outright.
This doesn’t even include Philadelphia, which lost to underdog Atlanta on Monday Night Football.
Based on New York’s 51% tax rate on operators’ gross gaming revenue, the Empire State generated an estimated $35.3 million in revenue for the week, the second-highest ever.
Handle streak increases
The New York Gaming Commission reported a handle of $478.2 million during the week ending Sept. 15, putting the all-time amount wagered in the Empire State at more than $50 billion.
The latest handle was only about $2 million more than the previous week, but the action was up 20% compared to the same week in 2023.
New York sports betting operators generated more than $400 million in wagers for the third consecutive week, a streak that hasn’t occurred since May.
The weekly hold of 14.4% was higher than the 13.3% win rate during that stellar May week. The latest hold was also more than seven points higher than the previous week when bettors got the win rate under 7%.
FanDuel produces 19% hold
FanDuel nearly set a new state revenue record by a single online operator after hauling in $35.1 million during the week of Sept. 15, but it fell short of the $36.5 million made by DraftKings in the week ending May 12.
FanDuel still topped its all-time mark of $33.4 million and produced an incredible 19.1% hold on a handle of $183.4 million.
DraftKings enjoyed a healthy hold of 12.8% on the weekly-best handle of $184.3 million to produce $23.6 million in revenue. It was the first time the online sportsbook reached $20 million in profits since the week ending May 26, but it was the second consecutive week with at least $180 million wagered.
Caesars, Fanatics shine
Caesars generated the third-highest handle with $33.4 million wagered for the week ending Sept. 15, while BetMGM’s $31.27 million was edged by Fanatics Sportsbook’s $31.29 for fourth place.
Caesars produced an 11.4% hold to rack up $3.8 million in revenue, its highest since January. Fanatics made $2.9 million, its best weekly revenue haul since mid-July.
BetRivers made less than $1 million on a handle of $10.1 million, while Bally Bet and Resorts World Bet both finished the week with a six-figure profit.
