Sports betting revenue grew 21% YoY for New York operators during Week 3 of the NFL season

The New York Gaming Commission reported eight online operators combined for $43.5 million in revenue for the week ending on September 22. That was down from their all-time high of $69.2 million that week. However, nearly $45 million in revenue for Week 3 of the 2024 NFL season is a solid return. Additionally, New York sports betting operators saw a 21% YoY increase. 

For the first time in 17 weeks, New York sports betting saw $40-plus million in weekly revenue. During Week 3 of the 2024 NFL season, there were several upsets. That included losses by the San Francisco 49ers, Tampa Bay Buccaneers, and Houston Texans. Revenue will be missed from the MNF game where the Bengals lost at home as favorites to the Commanders.

What New York sportsbooks had the largest hold for Week 3 of the 2024 NFL season?

During Week 3 of the 2024 NFL season, mobile wagering generated $480.1 million. That was up from the $428.3 million during Week 3 in 2023. Additionally, that was slightly higher than the $478.2 million from Week 2 of 2024. For the fourth consecutive week, their handle surpassed $400 million.

New York operators have professional and collegiate football to thank for their increased revenue to start September. Their 9.1% hold in Week 3 was down almost five points from the previous week. It was going to be hard to beat the outstanding 14% win rate from Week 2. New York hauled in an estimated $22.2 million in tax revenue. 

In Week 3 of the 2024 NFL season, FanDuel took a major hit in revenue. The $19.2 million they collected for the week ending on September 22 was down 45%. Additionally, their handle of $175.4 million was down 4.3% week-over-week. Thanks to an 11% hold, FanDuel still had the most revenue. DraftKings was not far behind with a win rate of 9.6%. They generated a $181.6 million handle to surpass $500 million in year-to-date revenue.

Do DraftKings and FanDuel face other competition in New York?

Third in handle for Week 3 of the 2024 NFL season was BetMGM at $37.2 million. Fanatics Sportsbooks fell just short of third place at $37 million and Caesars had a $35.6 million handle. BetMGM and Fanatics each fell to sub-4 % holds. That limited their revenue to less than $1.5 million in Week 3. However, Caesars did produce nearly $3 million in weekly profits. 

The final three New York operators all turned a profit in Week 3. BetRivers produced a 9.6% hold on a handle of $9.3 million. With ESPN BET’s recent launch in New York, there is going to be more competition in the market for Week 4. Until a sportsbook can keep pace with FanDuel and DraftKings, they’ll continue to dominate the industry.