By TheNuts - Aug 23, 2024
New York mobile sportsbooks report $36m in revenue for the week
According to data supplied by the state's Gaming Commission, New York's eight mobile
sportsbooks surged back to collect $36.2 million in total revenue for the week ending Sunday, following two mediocre weeks.
For the two weeks ending August 4 and 11, the digital operators were held to 6.8% and 8% holds, respectively. This is the first time they have been held below 9% in consecutive weeks since a three-week period from February 25 to March 10. With a 12.1% win percentage versus $300.2 million in handling, the group recovered.
Even with a 2.5% decline in handling, revenue increased by 46.8% from the prior week. Based on the state's 51% levy on mobile operators, estimated taxes amounted to more than $18.4 million since all eight operators had positive gross revenue at the end of the week.
Operators find it more difficult to generate substantial profits because to the lighter summer handle, as demonstrated by FanDuel clearing $15 million for the first time since June 23 when it claimed $19.7 million in prizes. With $107 million worth of bets, its 14.2% hold represented the 14th time in the previous 15 weeks that it was above double digits, and the sixth time it was above 13%.
After two poor weeks, DraftKings had a strong recovery with $12.8 million in revenue. From $103.7 million in handle, it generated a 12.3% hold, its highest since a 13.1% number obtained on May 26.
After taking over PointsBet in March, Fanatics Sportsbook surpassed $2.5 million in winnings for just the second time, finishing in last place in terms of revenue with $2.8 million and a 12.8% win percentage. Eight out of the last eleven weeks have seen Fanatics achieve a double-digit hold, with six of those occurrences seeing them surpass 11%.
With seven-figure winnings for the week, Caesars ($2.4 million) and BetMGM ($2.1 million) completed the group of five operators. With $25.6 million in handling, Caesars held a 9.6% grip, while BetMGM came in just short of 7% with $30.8 million in wagers.
For the second consecutive week, Bally Bet had the lowest hold, with a 1.9% mark that was the lowest since a minus-2% hold on May 5th, which resulted in a payout of $33,600 over its $1.7 million handle. It crossed $275,000 in income for August and ended with $27,300 from $1.4 million in handle.
For the second consecutive week, BetRivers had a rise in earnings, taking home $711,800 off $7.8 million in bets to create a 9.1% hold. Resorts World completed the group with $95,400 in winnings from $1.8 million in handling, or a 5.3% win rate.
The application submitted by ESPN BET to reinstate all nine licenses is still being examined by the New York State Gaming Commission. For $25 million, ESPN BET purchased WynnBET's mobile licenses in February. Jay Snowden, CEO of PENN Entertainment, had aimed for a debut date that coincided with the beginning of the football season.