Since sports betting was legalized in 2018, New York has been one of the most profitable markets in the United States. Ahead of Thanksgiving last week, the NY sports betting market saw a small decrease in wagers. The New York Gaming Commission reported $489.9 million worth of wagers for the week ending on November 24. That was slightly down from the $491.6 million in wagers the previous week.
This was also the first time since mid-October that total wagers in NY failed to reach $500 million in back-to-back weeks. However, nine operators in the state combined for a 10.5% hold for the week ending on 11/24. That helped them produce a fifth consecutive period of at least $50 million in revenue. Their $51.4 million haul was down 2.6% week-over-week but an outstanding 139% year-over-year. Seven of the state’s nine operators had at least 8% hold.
What NY sportsbooks were the most profitable for the week ending on Nov. 24?
FanDuel had a streak of five consecutive weeks with a handle of $200 million. That ended during the week finishing on November 24. They accepted $198.97 million in wagers and just narrowly missed on keeping their streak alive. Regardless, they continued a streak of $20 million in revenue over multiple periods. During this period in 2023, FanDuel only went over $20 million just twice,
In late November 2024, they collected $23.1 million from an 11.6% hold. That was FanDuel’s fourth consecutive win rate of at least 11%. DraftKings was not far behind FanDuel with a $19.1 million hold on a $161 million handle. They enjoyed their best weekly profit in a month behind a solid 11.8% hold.
Who were the sportsbooks trying to compete in the middle?
In recent weeks, there has been tight competition in New York between BetMGM and Fanatics Sportsbook. Just last week, BetMGM fell out of third place for handle in NY by around $3 million. For the week ending on November 24, BetMGM generated a $37.8 million handle. That was just ahead of Fanatics’ $37.7 million. Caesars sportsbook came in fifth place with $31.8 million worth of wagers. Despite being fifth in a handle, Caesars finished ahead of BetMGM and Fanatics with $3.3 million in revenue from a 10.4% hold.
The public hammered Fanatics and that’s why they finished with a modest 2% hold. Additionally, revenue fell below $800,000. ESPN BET has been consistent in the NY market since they’ve launched. They’ve generated more than $8 million worth of wagers in eight full weeks of operation. Despite that, ESPN BET is still seventh in terms of revenue for NY sportsbooks. Their 6.4% hold for the week ending on Nov. 24 helped collect $532,583 in revenue.
