Sports Betting
During their debut week in New York, ESPN BET generated $3 million in wagers
Zach Wolpin is an NBA and NFL expert who's been betting on the league for over three years now. Wolpin is a fan of the NFL and NBA and has been watching for a decade and a half. He covers the latest news and stories surrounding the league daily. His passion in life is sports and being able to share that through his writing. He has written about the NBA and other sports leagues through various media outlets over the years like Sir Charles In Charge, G-Men HQ, and TAP into South Plainfield. Before he became a Sports Editor, Wolpin attended Montclair State University where he graduated in 2021. He studied Sports Media and Writing while in school.
Get to know Zach Wolpin betterPublished2 hours ago on October 07, 2024
Last year, it took New York’s nine online operators until the end of October to reach a $500 million weekly handle. The recent launch of the ESPN BET mobile sportsbook helped New York break $500 million in the last week of September. The New York Gaming Commission reported $516.8 million in wagers for the week ending on September 29th.
The state’s amount wagered was up 31.3% year-over-year and 7.6% week-over-week. This was the first time since May that NY mobile sportsbooks combined for a handle of $500 million or higher. However, this was their fifth consecutive week with $400 million or more wagered. Online operators in the state combined to produce $52.7 million in revenue, up 21.1%. The $52.7 million was their fourth-highest weekly revenue in 2024.
How did ESPN BET fare in their debut week in the Empire State?
ESPN BET was able to launch ahead of college football and NFL games in Week 4. In its first week of operation in New York, the sportsbook generated $3.04 million in wagers. That was enough for $165,673 from a 5.4% hold. Earlier this year, ESPN BET acquired WynnBet’s operating license for $25 million. Penn Entertainment is the parent company to ESPN BET and they tried launching for the start of the NFL season but ran into some trouble.
What profit did other online operators in NY have?
With a 12.2% hold for the week ending on September 29, FanDuel’s $198.2 million hande was just enough to beat DraftKings. Their $24.2 million in revenue was up 26% week-over-week. DraftKings generated $196.3 million, their second-highest ever in a single week. Only a $218.1 million handle from December 2023 is higher. This was DraftKings’ fourth consecutive week with a handle of $180 million or greater. Their 8.9% hold produced $17.6 million in revenue.
All nine of the mobile operators in New York finished with a positive revenue for the week ending on September 29th. Fanatics sportsbooks beat out BetMGM and Caesars with a weekly handle of $39 million. BetMGM was not far behind at $37.2 million and Caesars was fourth with $34.7 million.
