New York Sports Betting Suffers February Handle Drop – iGaming Post

In February 2023, New York’s sports betting market demonstrated notable dynamics, with a total handle of approximately $1.98 billion. This figure reflects an 11.2% year-over-year increase compared to February 2022. However, it is important to note that this month’s handle represents a significant 20.2% decrease from January’s remarkable record of $2.48 billion, marking it the lowest monthly total since August 2022 when the handle was $1.44 billion.

The New York State Gaming Commission’s recent report highlighted that revenue for February reached $184.8 million, showcasing a 40.8% increase from the same month in the previous year. Nevertheless, February’s revenue saw a 25.2% decline compared to January, which garnered an impressive $247 million. The sports betting hold for February stood at 9.24%, a clear indication of the competitive landscape in New York’s gambling market.

Leading Operators in New York’s Sports Betting

FanDuel, a subsidiary of Flutter Entertainment, continues to dominate New York’s sports betting sector. In February, FanDuel processed wagers totaling $738.5 million, producing a revenue of $92.5 million, which translates to a robust hold of 12.53%. This performance underscores FanDuel’s strategic positioning and the efficiency of its operational model in capturing market share.

DraftKings and Competitors

Trailing behind FanDuel is DraftKings, which remains the second-largest operator in the state. DraftKings reported a revenue of $51.6 million from a handle of $717.4 million, resulting in a hold of 7.19%. The gap in revenue between the two operators continues to emphasize FanDuel’s strong market presence.

BetMGM ascended to the third position, posting $11.8 million in revenue from a handle of $130.2 million, which equates to a 9.06% hold. Other notable players include Fanatics, achieving $11 million from a handle of $169.5 million (6.49% hold), and Caesars, which reported $10 million from a handle of $128.6 million, yielding a 7.78% hold.

Significantly, ESPN Bet has made impressive strides within the rankings, moving to the sixth position by generating $3.8 million from a handle of $43.3 million, achieving a hold of 8.72%. This highlights the growing influence of established media brands in the sports betting arena, leveraging their extensive customer reach.

Additionally, Rush Street Interactive marked its presence in the month by being the only other operator surpassing the $1 million revenue mark, reporting $2.8 million from a handle of $42.1 million, resulting in a hold of 6.67%.

Conclusion

As the New York sports betting market continues to evolve, operators are navigating through fluctuating revenue and handle figures. Understanding these trends is crucial for stakeholders aiming to maintain a competitive edge in this rapidly changing environment. Engaging with customers through enhanced digital experiences and strategic marketing will be vital for operators looking to capitalize on future sports betting opportunities. The month of February has undoubtedly provided valuable insights into market behaviors and operator performances that will shape strategies moving forward.