For Third Consecutive Week New York Sports Betting Handle Surpasses $500 Million – iGaming Post
The New York Gaming Commission has recently revealed significant developments in the state’s sports betting sector. As of March 16, New York’s burgeoning sports betting industry recorded a total betting handle of an impressive $550.8 million for the week, underscoring the intense interest and participation in this rapidly evolving market.
Key Players in the Market
The competitive landscape of New York’s sports betting industry is characterized by a host of major operators, all striving for dominance. The leading sportsbooks include:
- DraftKings
- FanDuel
- BetMGM
- Caesars
- ESPN BET
Over the past 13 weeks, New York has demonstrated a robust betting environment, with handles exceeding $500 million on 11 occasions. This upward trend in sports betting activity highlights both the growing popularity of the market and the effectiveness of marketing strategies employed by these sportsbooks.
Despite a slight decrease in betting volume during the week ending March 16, attributed to the absence of significant football events, operators experienced a noteworthy increase in gross revenue.
Revenue Insights
Key financial metrics from this week’s report include:
- Gross Revenue: $55.4 million
- Hold Percentage: 9.9%
This represents the first week since Super Bowl Sunday when sports betting operators collectively surpassed $50 million in profits, with the hold percentage seeing a notable increase of 2.5 percentage points compared to the previous week.
Year-Over-Year Comparisons
The current week’s wagering activity has surged by 24% compared to the same period last year, while gross revenue has expanded by over 35%. This robust growth trajectory signals a broadening base of sports bettors in New York and highlights the success of promotional tactics utilized by the sportsbooks to attract and retain customers.
DraftKings has solidified its position as the market leader in New York’s sports betting arena for the fifth consecutive week. The operator reported a handle of $211.9 million, making it the first sportsbook to record three consecutive weeks with handles exceeding $200 million since the online sports betting launch in January 2022.
Revenue Performance
Here are the recent revenue performance metrics for the top operators:
- DraftKings Revenue: $24.5 million
- Hold Percentage: 11.6%
Following closely, FanDuel has also shown impressive results this week with a handle of $189.4 million, maintaining a consistent trend of generating at least $150 million in bets weekly since the NFL season commenced.
- FanDuel Revenue: $19.3 million
- Hold Percentage: 10.2%
While DraftKings and FanDuel guide the market, several secondary operators have made notable contributions to New York’s sports betting landscape.
Other Notable Operators
Additional operators have also made important strides, highlighting the competitiveness of the market:
- Fanatics Sportsbook: $48.2 million handle
- Caesars Sportsbook: $36.6 million handle
- ESPN BET: $12.8 million handle
- BetRivers: $11.8 million handle
In particular, BetMGM has established itself as a significant competitor with a handle of $35.2 million and a revenue of $3.2 million, supported by a hold percentage of 9%.
Conclusion
The current performance of New York’s sports betting industry not only reflects a dynamic and competitive market but also showcases a trend of growing acceptance and participation among consumers. As operators continue to innovate and adapt, the future of sports betting in New York looks promising, paving the way for further advancements and a continually evolving landscape.
With these insights, industry stakeholders and enthusiasts alike can better understand the current state of sports betting in New York and its potential trajectory.
