Sports Betting
Nine Online Operators in NY produced a 4.2% hold for the week ending on October 13
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 22, 2024
The New York Gaming Commission reported $20.6 million in weekly revenue on a handle of $483.8 million. This was their fourth-lowest profit ever with a handle of at least $400 million. New York’s other three weeks with lower profits were during the Super Bowl. That technically means this was one of the best runs for bettors in NY during football season.
Revenue for the week ending on October 13 fell 60.7% week-over-week. The amount wagered was dropped only 2.5% from the previous week in NY. Their 4.2% hold for the week ending on October 13 was their worst since a 3.5% hold in April. During that week, the New York Yankees and New York Mets both advanced to the championship series in their respective leagues. In that same week, 10 of 13 NFL favorites covered the spread.
New York operators saw their profits drop significantly
With a handle of $184 million for the week ending on October 13, FanDuel was #1 in New York. During the previous week, they had a nearly identical handle at $184.1 million. However, their revenue of $13.9 million fell from $19 million in the previous week. That was FanDuel’s lowest weekly profit since the end of August.
DraftKings was second for the week ending on October 13 with a handle of $173 million That ended their streak of five consecutive weeks with a handle of at least $180 million. Their 3.1% hold produced $5.3 million in weekly revenue. A drastic 76% drop week-over-week. ESPN BET got hit hard in their New York debut.
The Penn Entertainment platform hauled in $189,741 in revenue from a $8.7 million handle. That 2.2% hold was the worst for ESPN BET across all their legal betting states. Additionally, the 2.2% hold finished seventh of nine mobile operators in the state.
What NY sportsbooks were not as profitable?
Fanatics Sportsbook had their third-best handle at $37.8 million for the week ending on October 13. However, they suffered a loss of $1.4 million. BetMGM had a $33.9 million handle, ahead of Caesars by roughly $2 million. Caesars had $1.6 million in revenue while BetMGM was barely able to surpass six figures. BetRivers claimed $500,000 in revenue from a $10.5 million handle.
