New York’s mobile sportsbooks reported $36.2 million in gross revenue for the week ending August 18, according to data from the New York Gaming Commission.
The eight digital sportsbooks bounced back with a 12.1% win rate on $300.2 million in handle, a recovery after weeks of lower win rates of 6.8% and 8% for the weeks ending August 4 and 11, respectively.
Despite a 2.5% decline in handle, total revenue increased by 46.8% compared to the previous week. The surge in earnings generated an estimated $18.4 million in taxes, given the state’s 51% tax rate on mobile sports betting operators. All eight operators posted positive gross revenue during the week.
FanDuel maintained its leadership position among the operators, generating $15 million in revenue with a 14.2% hold on $107 million in wagers. This marks the 14th time in the last 15 weeks that FanDuel’s win rate exceeded double digits.
DraftKings also saw a strong recovery, reporting $12.8 million in revenue, with a 12.3% hold on $103.7 million in handle. The performance marked a significant rebound after two slower weeks for the sportsbook.
Fanatics Sportsbook claimed third place, posting $2.8 million in revenue with a 12.8% win rate. It was only the second time since March that Fanatics exceeded $2.5 million in weekly revenue.
Caesars and BetMGM were also among the other top earners, with Caesars reporting $2.4 million in revenue, reflecting a 9.6% hold on $25.6 million in handle. BetMGM generated $2.1 million with a 7% hold on $30.8 million in wagers.
Bally Bet had the lowest hold for the second straight week, posting a 1.9% win rate, resulting in $27,300 in revenue from $1.4 million in handle. This marks a continued struggle for the operator, whose revenue for August remains just above $275,000.
BetRivers saw growth for the second consecutive week, earning $711,800 in revenue with a 9.1% hold on $7.8 million in handle. Resorts World reported $95,400 in revenue, achieving a 5.3% win rate on $1.8 million in wagers.
The New York State Gaming Commission is currently reviewing ESPN BET’s application for a mobile sports betting license. ESPN BET acquired WynnBET’s mobile licenses for $25 million in February, and a launch is expected before the start of the football season.
Original article: https://www.yogonet.com/international/noticias/2024/08/26/76612-new-york-mobile-sportsbooks-report-362-million-in-weekly-revenue
