New York’s eight online sports betting operators cleaned up big time in the week ending May 12.
The Empire State’s sportsbooks hauled in a record $70.9 million of weekly gross revenue, breaking the previous mark of $67.2 million set in January and highlighted by DraftKings setting an individual operator profits mark of $36.5 million.
With the Knicks in the NBA playoffs and the Rangers participating in the NHL playoffs, the Empire State generated a $532.3 million handle, according to figures released by the New York Gaming Commission.
The amount wagered was the first handle of a half-billion dollars since the week ending March 24 and up 10% from the previous period.
After a disappointing previous period for operators, in which they produced just $23.1 million of profits, revenue jumped 207% in the same week the Knicks failed to cover the spread in two of the first four games against the Indiana Pacers.
Every sportsbook in the Empire State saw a rise in week-over-week profits except for one, and the 13.5% weekly hold was nearly nine points higher than the previous period.
Setting records
DraftKings broke the record of $33.4 million set previously by FanDuel in January and accounted for 51% of the overall revenue for the week.
The online sportsbook saw its week-over-week revenue jump 421%. DraftKings also led the Empire State and went over $200 million for the second consecutive week with a handle of $231.5 million.
FanDuel finished second with $26.9 million of revenue on a handle of $199 million.
It’s the first time the two market-share leaders in New York have combined for $60 million in profits in a single week.
The rest of the field
Caesars had the third-highest handle at $39.9 million for the week ending May 12 while BetMGM generated $29.7 million in the amount wagered.
Both produced revenue of over $2 million each.
Fanatics reached $16.4 million in the amount wagered. BetRivers was the only other sportsbook to reach at least a $10 million handle while its revenue jumped 470% compared to the previous week.
Resorts World Bet was the only operator to finish the week with less revenue than the previous week. Bally Bet went from a $33,000 loss to a $285,000 gain week-over-week.
