US gambling giant FanDuel reported $15.2 million in New York winnings for the week ending June 16, as the state’s Gaming Commission announced $32.2 million in mobile sports betting revenue.
FanDuel achieved an 11.1% hold on $137.7 million in handle, extending its streak of double-digit holds to six weeks, the longest since a seven-week streak from October to November 2022. This marks a significant milestone as the mobile betting titan nears $2 billion in total revenue in the Empire State.
New York’s nine digital sports betting operators combined for an 8.9% hold from $362.8 million in wagers, marking a 5% increase in handle from the previous week. Despite the rise in handle, total revenue fell by 8.4% due to a higher hold of 1.3 percentage points in the week ending June 9. All nine sportsbooks reported positive revenue, contributing about $16.4 million in state taxes.
FanDuel has maintained a six-week streak of at least $15 million in weekly revenue, a feat not seen since a nine-week run from December to February. The company is $65.1 million away from reaching $2 billion in all-time revenue in New York. The state’s 51% tax rate on these earnings brings FanDuel just $13.2 million shy of contributing $1 billion in taxes to New York. Comparatively, Pennsylvania is the only other state to surpass $500 million in commercial sports betting tax revenue, with $582.9 million.
DraftKings, FanDuel’s main competitor, secured $11 million in revenue from $125.7 million in handle, with an 8.8% win rate. This marks DraftKings’ 15th week of achieving eight-figure revenue in the past 18 weeks and the fifth time in six weeks with at least an 8.8% hold.
Caesars, BetMGM, and Fanatics Sportsbook closely trailed each other for the third to fifth revenue spots, each surpassing $1.6 million in winnings. Caesars nearly reached $1.7 million, missing by just $17,525, while Fanatics had the highest win hold among them at 10.8%.
BetRivers, with a handle of $24.9 million, its third-highest weekly total in New York, fell short in capitalizing on this volume, posting a sub-3% hold for the second consecutive week with $712,200 in revenue.
Bally Bet recorded the highest hold of the week at 12.8%, with $158,800 from $1.2 million in handle. Resorts World surpassed $2 million in handle for the third time in five weeks, achieving a 6.4% hold and $131,200 in revenue.
WynnBET continued to struggle, earning $18,000 for the week with a 5.3% hold on $340,600 in bets. This marks the 39th consecutive week WynnBET has failed to meet the industry-standard 7% hold, last achieving an 8.1% win rate in mid-September.
Original article: https://www.yogonet.com/international/noticias/2024/06/24/72787-fanduel-extends-dominance-in-new-york-with-15-million-weekly-winnings
