All-Time Highs for FanDuel NY

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All-Time Highs for FanDuel NY

Author: Erik Gibbs | Publish Date: September 25, 2023 | Last Updated: September 25, 2023

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.

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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. 

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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.

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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.

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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.

Erik Gibbs

Erik is a dynamic and seasoned journalist with a passion for all things sports and sports betting. With a career spanning over two decades, he has become a prominent figure in the world of sports journalism, admired for his insightful analysis and engaging storytelling.