FanDuel’s Mobile Sports Betting Revenue in New York Reaches $2B

FanDuel, a leader in digital sports betting, just hit a big win. The company has now made over $2 billion from mobile sports betting in New York alone. The New York State Gaming Commission shared this data for the week ending July 21. It took FanDuel 133 weeks to reach this big number showing how much it is crushing it in New York’s tough sports betting scene.

FanDuel Dominates as New York Sports Betting Earnings Top $4B

New York’s sports betting companies are doing great overall, with total earnings now over $4 billion. FanDuel brought in about 50.4% of the $4 billion that the state’s nine sports betting apps have made together.

In the week ending July 21, FanDuel raked in $11.2 million from mobile gross sports betting even though the total betting handle took a hit. The handle fell by 26.1% compared to the week before reaching $224.6 million. This drop was because of the slower sports schedule during the Major League Baseball All-Star break. Still, this handle showed a 38.7% jump from the same week in 2023.

FanDuel continues to show its strength with its string of double-digit holds now reaching 11 weeks in a row. This is the longest streak in New York’s history. In the week ending July 21, FanDuel had a 12.9% win rate on an $86.8 million handle. What is more, the company has pulled in over $10 million in revenue for 23 straight weeks showing its ongoing financial success.

Positive Earnings for All Nine Betting Companies Add $12.8M to New York Taxes

The wider betting scene saw all nine companies end the week with positive gross earnings together adding about $12.8 million in taxes to the state’s coffers. Other key players include DraftKings, which hit its own three-week run of double-digit holds, and Caesars, which reached a 12.6% hold and went past $6 billion in total handle since its start.

FanDuel keeps winning big in New York’s sports betting scene showing its strong market standing and smart business moves. Experts say FanDuel, which Flutter Entertainment owns, has been the top performer in gross gaming revenue in the state. David Katz from Jefferies Equities Research points out that FanDuel grabs a whopping 47% of New York’s gross gaming revenue market share leaving DraftKings far behind at 36%.

FanDuel’s smart business plan and good profit margins have attracted investors. Even with problems like higher taxes in states such as Illinois, FanDuel’s parent company, Flutter Entertainment, has shown it can handle tough times and still do well. People who study the market, including those from Hedgeye and Morgan Stanley, think FanDuel will keep doing great as more people bet on sports. This makes FanDuel look like a good company to invest in for the long run.