According to a report released by the New York State Gaming Commission, FanDuel led all challengers for the week ending April 7th by raking in over half of the $42.1 million in revenue generated by all nine mobile sportsbooks.
FanDuel’s Streak Continues
The first week of April looked very similar to the previous three weeks in that FanDuel eclipsed the $20 million revenue mark for the third time in four weeks with a weekly haul of $21.8 million on an 11.2% hold (win rate) from a handle of $194.6 million.
It was also the ninth straight week in which New York’s prolific digital sports betting market delivered a combined handle of over $400 million with a whopping $466 million from the nine mobile sportsbooks operating in the state.
Big Apple’s Big Bite
Levying a 51% tax rate on the mobile sportsbooks’ adjusted gross revenues, New York has one of the highest rates in the nation.
The state’s tax coffers swelled by $21.5 million in collected taxes from the sportsbook operators during the opening week of April. New York operators have combined to win $30 million or more in 18 of the last 19 weeks, which is why the Empire State is considered to be the largest mobile sports betting market in the nation.
Suffice it to say, New York has been the holy grail since launching in January 2022 and all one needs for evidence is the $3.4 billion in combined revenues for the sportsbooks operating in the market during that time. That is an average of $28.8 million per week in revenue and the market is growing each year.
The Rest of the Pack
FanDuel may be the biggest fish in the largest sports betting ocean but they are not the only one swimming in cash. Boston-based DraftKings reported a handle of $163.5 million, which generated $13.1 million in revenue on an 8% hold, making the first week of April the eighth straight week in which the company crossed the $10 million revenue threshold in New York.
Las Vegas icon, Caesars, reported $2.2 million in revenues for the week on a rather meager 5.4% hold, while BetMGM accepted $31.6 million in wagers, which delivered just north of $2 million courtesy of a 6.4%-win rate. BetMGM has the dubious distinction of owning the lowest average hold (5.1%) thus far in 2024 of the top six mobile sportsbooks in New York.
Newcomer Fanatics registered an 8.9%-win rate on a handle of $17.9 million, which produced $1.6 million. Fanatics has fully taken over the PointsBet license and migrated those customers to its platform after buying the U.S. assets of the Aussie-based company last year for $225 million.
Resorts World enjoyed an impressive hold of 10.4% but its rather meager handle generated just $157,744 in revenue while Bally Bet revealed revenues of $113,500 off a $2 million handle. WynnBET is hanging by a thread while trying to extricate itself from the digital market in most of its jurisdictions, including New York, and produced a paltry $385,195 in total wagers for the week.
