The Empire State continues to do big things in the mobile sports betting market.
New York’s nine online betting apps pushed handle over $500 million in back-to-back weeks for the first time. The state is on track to have another month with over $2 billion handle. This is due to the rise in mobile sports wagering numbers, especially with football, basketball, and hockey in full effect.
Last month, New York’s legal sports betting numbers reached $1.978 billion. But people gobbled up the wagering during Thanksgiving week when New Yorkers bet nearly $516 million. This resulted in almost $22 million in gross gaming revenue for the state.
When you add it up, since April, the legal New York sports betting revenue has already surpassed $1 billion. And the handle is not slouching either.
New York will also likely break the $12 billion online sports betting handle mark for the 2023-2024 fiscal year, months before the year ends. As of this writing, the Empire State has a total mobile sports wagering handle of $11.988 billion.
FanDuel and DraftKings Continue to Dominate
DraftKings and FanDuel stand out as the leading legal online sportsbooks for New York residents. In the recent week ending on November 19, DraftKings narrowed the gap in the handle to about $27 million, having initially posted a handle over $100 million lower than FanDuel.
According to the weekly online sports wagering report from the New York State Gaming Commission, DraftKings saw a mobile sports betting handle of nearly $187 million during Thanksgiving week. Despite this, the gross gaming revenue for DraftKings was almost $8 million, marking their lowest revenue since September 3.
In fact, out of the seven books still generating weekly profits, none achieved the industry benchmark of a 7% hold. PointsBet claimed the top spot with a 5.9% hold, closely trailed by FanDuel at 5.4%. These two were the sole contenders surpassing the 5% mark, with BetMGM and Caesars completing the remaining five at 1.3% and 0.9%, respectively.
FanDuel maintained its position as the top sports betting platform in New York for the eighth consecutive week, boasting a handle of nearly $215 million. This resulted in a gross gaming revenue of nearly $12 million for the state’s leading operator.
Big Numbers Benefit Education in New York
Since April, online sports betting has contributed more than $475 million in net revenue dedicated to education throughout New York.
With the evolving gambling landscape in the Empire State, it remains intriguing to observe whether the sustained high levels of online sports betting handle will persist.
But if history is any indication, it seems as if New York will remain among the elite of the states with legalized sports betting for at least the near future.
Rapidly emerging as one of the most successful states to embrace sports betting, New York continues to make a significant impact since introducing retail locations in July 2019, followed by online sportsbooks in January 2022.
With the proliferation of online betting platforms and mobile apps, New York consistently records a monthly sports betting handle exceeding $1 billion. As of November 2023, New York ranks third in the country for betting handle, trailing only behind Nevada and New Jersey.
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