April 8, 2024 3 min read

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New York Sports Betting Sees Resurgence with $41.9M in Weekly Revenue

The increase in revenue marked a 34.4% surge from the previous week, indicating a strong rebound for the state's sports betting establishments

New York’s sports betting scene experienced a remarkable turnaround in the final week of March, with the New York State Gaming Commission reporting a substantial $41.9 million in adjusted gross revenue (AGR) from mobile operators. This figure marked a significant increase from the previous week, as the collective hold surged to 9.2%, up by over 3%.

New York Sportsbooks See Strong Revenue Surge Despite Handle Dip

The surge in revenue represented a 34.4% spike compared to the preceding week, signifying a robust recovery for the state’s sportsbooks. Despite a slight dip in the total handle, which stood at $456.4 million for the week, New York maintained its position as a betting powerhouse, with handle surpassing $400 million for the 25th time in the last 27 weeks.

Notably, all nine mobile operators reported positive AGR figures for the week, indicating a thriving market. The estimated tax revenue for the state of New York is projected to reach approximately $21.3 million, reflecting the sector’s significant contribution to the state’s coffers.

FanDuel, a leading player in the New York mobile betting landscape, continued its dominance by achieving a remarkable milestone. For the first time, the operator recorded back-to-back weeks with a $200 million handle, underscoring its unparalleled success in the market. FanDuel’s 10.6% hold yielded $21.4 million in revenue for the week, further solidifying its position as a key revenue generator.

DraftKings emerged as the second-highest revenue earner, with a handle of $153.9 million and revenue of $12.7 million, showcasing its resilience in the competitive landscape. 

Small Operators Also Shine in New York’s Sports Betting Market

Other top performers included Caesars, Fanatics, and BetMGM, rounding out the top five operators in terms of revenue generation.

The success was not limited to major players, as smaller operators also saw notable gains. Resorts World and Bally Bet posted impressive revenue figures, with the former achieving its fifth-highest revenue total and the latter recording its fourth-best performance in the Empire State.

However, not all operators shared in the prosperity, as WynnBET witnessed a decline in handle for the fourth consecutive week. With a hold of just 1.1%, the operator faced challenges in meeting industry standards, highlighting the competitive nature of the market. However, optimism prevails in New York’s sports betting landscape, with ongoing developments such as the potential entry of ESPN BET signaling continued growth and innovation. As the Empire State solidifies its position as a premier destination for sports wagering, stakeholders anticipate further milestones and achievements in the burgeoning industry.

Author

Silvia has dabbled in all sorts of writing – from content writing for social media to movie scripts. She has a Bachelor's in Screenwriting and experience in marketing and producing documentary films. With her background as a customer support agent within the gambling industry, she brings valuable insight to the Gambling News writers’ team.

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