Sports Betting Handle In New York Sets Weekly Record

New York

The week ending October 27 marked a significant rebound, as New York’s mobile betting platforms collectively generated a handle of $576.1 million. This figure not only surpassed the previous record of $572.6 million, established in the early weeks of the market’s launch in January 2022,.

The latest figures released by the New York Gaming Commission reveal that the state’s online sportsbooks achieved a milestone. The reported weekly handle of $576.1 million represents the highest amount wagered since the state legalized mobile sports betting.

In conjunction with the handle, sportsbooks in New York reported a substantial revenue increase, totalling $58.2 million for the week. This marks a significant turnaround from the previous week’s dismal performance, where operators recorded their lowest hold ever at just 1.9%. The latest data reflects a more favourable hold of 10.1%, aligning more closely with the annual averages that operators have experienced throughout the year.

The ongoing NFL season has played a pivotal role in driving sports betting activity in New York. After a lucrative September, October presented a more volatile landscape for sportsbooks, with bettors demonstrating a fierce competitive spirit. The fluctuations in revenue from week to week underscore the unpredictable nature of sports betting, where the outcomes of games can significantly impact both bettor behaviour and operator profitability.

The convergence of various sporting events during the week ending October 27 contributed to the record handle. The combination of NFL matchups, college football games, the commencement of the NBA season, and the World Series featuring the New York Yankees and Los Angeles Dodgers created a perfect environment for bettors.

As per usual, FanDuel emerged as a frontrunner in the New York sports betting market, showing a week-over-week revenue increase of 305%. The operator generated $23.9 million in revenue from a state-leading handle of $240.5 million.

DraftKings also experienced a significant rebound, with revenue skyrocketing from $1.5 million to $19.7 million in the week ending October 27. Despite a slight decline in handle to $192.5 million, the operator achieved a hold of 10.2%.

Fanatics Sportsbook has consistently shown promise, maintaining the third-best handle for two consecutive weeks. With a reported handle of $41.7 million, Fanatics outperformed key competitors like Caesars and BetMGM. The operator’s ability to generate $5.3 million in profit underscores its growing influence in the New York market.

ESPN BET also made headlines by achieving its best performance since launching in New York in late September. The operator generated $11.4 million in wagers, marking its first handle exceeding $10 million.