ESPN BET made a strong entrance into New York’s burgeoning sports betting market, generating $3 million in wagers during its first three days of mobile operations, according to data released by the New York State Gaming Commission on Friday.
The platform amassed $165,673 in revenue with a 5.4% hold rate, the lowest among the state’s nine sports betting operators. ESPN BET’s debut handle exceeded the monthly totals of smaller competitors Bally Bet and Resorts World Bet, signaling a promising start for the new entrant.
New York’s sports betting sector experienced robust growth this week, with the total weekly handle reaching $516.8 million. This represents a 31.3% increase compared to the same period last year and a 7.6% rise from the previous week. The state has consistently surpassed the $500 million weekly handle mark during the football season, marking the fifth consecutive week with over $400 million wagered.
Overall, New York’s operators generated $52.7 million in revenue, up 21.1% from the prior week, supported by a 10.2% hold rate. The week’s performance contributed to an estimated $26.9 million in state taxes.
In the competitive landscape, FanDuel reclaimed the top position with a $198.2 million handle, generating $24.2 million in revenue from a 12.2% hold, a 26% increase week-over-week. Close behind, DraftKings reported a $196.3 million handle and $17.4 million in revenue with an 8.9% hold rate.
Other notable performances included BetMGM, which handled $32.9 million and earned $3.5 million with a 10.5% hold, and Caesars, which generated $34.7 million in wagers and $3.8 million in revenue from a 10.9% hold. Fanatics Sportsbook led the smaller operators with $39 million in wagers but only $2.3 million in revenue due to a 5.8% hold.
Among the smallest digital operators, Resorts World and Bally Bet posted the highest holds of the week at 15.2% and 13.7%, respectively. Resorts World secured $213,583 in revenue, while Bally Bet achieved $313,138, nearing the $1 million mark over five weeks.
ESPN BET’s launch followed a $25 million acquisition of mobile sports betting licenses from Wynn Interactive Holdings.
Original article: https://www.yogonet.com/international/noticias/2024/10/07/81146-espn-bet-records-3-million-in-wagers-during-new-york-launch-weekend
