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All-Time Highs for FanDuel NY
It only took a month after online sports betting was launched in New York in January 2022 for the state to become one of the largest sports betting markets in the US.
New York bettors placed over $2 billion in wagers, and one-quarter of the country’s betting apps taken on the Super Bowl. Legal online sports betting has also been a massive boost to the state’s finances, with legal operators paying a 51% tax on gross gaming revenue.
New York sportsbooks had a solid month in August, with the Gaming Commission reporting a total sports betting handle of $1.12 billion, with almost 94% coming from mobile wagering. August’s total was up more than 27% over the same period last year when the state topped $877 million in wagers.
FanDuel NY Sees Fresh Highs
Online sports betting operators typically see a considerable boost in revenue at the start of the NFL season. FanDuel led the way in 2023 with $32.3 million in sports betting revenue in the first week of the regular season after taking in $195.5 million in total wagers.
The leading operator in New York became the first online sportsbook to surpass $30 million in one week since sports betting was legalized. While this didn’t break the record for the highest weekly total, it was the second-highest ever recorded and was up over $8 million from the opening week of 2022.
NFL Handle Drives Betting Markets
New York online sportsbooks combined for a weekly handle of $416.1 million throughout the first week of the regular season. One big reason for the increase was the Week 1 matchup between the New York Giants and Dallas Cowboys on Sunday Night Football. The numbers for Week 2 should also be impressive after the New York Jets faced the Buffalo Bills on Sunday Night Football.
The total weekly handle was the largest since January 15, with Week 1 in the NFL seeing a 26% increase from the same week in 2022, leading to a year-to-year revenue jump of 74%. The week also saw New York sportsbooks produce a 13.6% hold, the highest since DraftKings had a 13.7% win rate during the week of August 6.
A Look at Other NY Operators
With FanDuel collecting 57% of the overall sports betting profits during the first week of the NFL season, other operators didn’t see nearly as much revenue. DraftKings was second in handle with $138.8 million in wagers taken and $16.4 million in revenue. Caesars finished third for the week handling $40.9 million in sports bets and bringing in $4.4 million in revenue, three times more than the previous week.
Resorts World Bet had the most significant negative change as its handle dropped by over 15% from last season, while two other operators saw decreases of under 7%.
WynnBet hasn’t done well in New York and may be looking to exit the market altogether. For the second straight week, WynnBet lost total revenue, a trend that could eventually lead the company to leave the state.