The holiday week between Christmas and New Year’s offered a plethora of sports betting options, and it appears New Yorkers spent some of the downtime taking advantage of that.
The Empire State’s nine online sportsbooks generated a handle of $465.7 million for the week ending Dec. 31, according to figures released by the New York Gaming Commission.
The amount wagered jumped nearly 12% from the previous week and ended the year with 12 consecutive weeks of over $400 million in handle.
Profits tumble
Despite the increase in betting activity, revenue fell 13.6% to $36.7 million, ending a streak of three consecutive weeks of over $40 million in profits.
The public has been playing a tug-of-war with New York sportsbooks in recent weeks. Between college football bowl games, Week 17 in the NFL, and the usual basketball and hockey offerings, bettors lowered the hold by more than two points to 7.9% in the final betting week of the year.
Compared to the same week in 2022, the handle was up 16% while revenue jumped a whopping 53%.
FanDuel's hold slips
FanDuel enjoyed a New York-best handle of $196.9 million handle, the closest it has come to $200 million since reaching that mark during the week of Thanksgiving. Revenue, however, didn’t follow. The hold fell from 12.6% to 8.5% in the week ending Dec. 31.
DraftKings finished second in the Empire State with a handle of $168 million but also recorded a hold below 9%. Caesars landed the third spot for the week with a handle of $47.9 million, while BetMGM came in fourth at $27.5 million.
WynnBet and Resorts World Bet both recorded losses for the week.
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