betting app operator posted an all-time record loss of more than $9.6 million for the week ending Sunday, according to figures released Friday by the New York State Gaming Commission.
BetMGM had the parlays could have contributed.
The staggering deficit nearly tripled the state’s prior record loss of $3.4 million set by Connecticut winning its national semifinal game.
BetMGM’s loss, coupled with Caesars finishing the week with its worst all-time loss of $1.3 million, dragged New York’s overall revenue total to just $5.1 million, an all-time low in 110 weeks of mobile betting. The sub-1.1% hold is an also the lowest recorded. BetMGM’s loss was so large that the estimated tax revenue from the six operators that posted positive revenue totals for the week exceeded revenue by more than $3 million.
The Super Bowl helped send weekly handle to $474.6 million, the ninth-highest total in state history and up 22.8% from the previous week. Revenue plunged 89.5%, while the hold was 11.4 percentage points lower.
FanDuel snares a weekly revenue “W” 3y3n5h
| Date | Operator | Handle | Revenue | Win Rate |
|---|---|---|---|---|
| February 11, 2024 | BetMGM | $29,936,554 | -$9,603,349 | -32.08% |
| FEBRUARY 25, 2024 | PointsBet | $43,853,140 | -$8,024,565 | -18.30% |
| September 3, 2023 | DraftKings | $116,356,211 | -$3,424,944 | -2.94% |
| February 13, 2022 | FanDuel | $175,437,706 | -$2,726,650 | -1.55% |
| January 9, 2022 | FanDuel | $63,236,093 | -$2,725,965 | -4.31% |
| April 2, 2023 | BetMGM | $42,808,123 | -$1,840,577 | -4.30% |
| October 22, 2023 | BetRivers | $42,178,179 | -$1,640,477 | -3.89% |
| February 11, 2024 | Caesars | $47,308,449 | -$1,333,177 | -2.82% |
| February 12, 2023 | Caesars | $58,862,752 | -$1,315,651 | -2.24% |
| April 9, 2023 | BetRivers | $12,547,655 | -$1,031,811 | -8.22% |
Though DraftKings generated the most revenue from Super Bowl LVIII with $8.8 million, the betting public dragged down its winnings for the week to just over $7.1 million. That allowed FanDuel to take weekly honors for revenue with $8.2 million, but the 4% hold attained was its lowest since being limited to 2.8% for the week ending December 18, 2022. More than half of FanDuel’s winnings for the week came outside the Super Bowl.
Caesars incurred additional losses during the week, as its Super Bowl losses totaled more than $970,000. It was the second straight Super Bowl week that Caesars absorbed a seven-figure loss, with this year’s total almost $18,000 worse than 2023.
The week’s wagering also sent selling its New York mobile license to PENN Entertainment for $25 million, WynnBET came out $17,337 ahead on Super Bowl game-related wagers.
All the shuffling of revenue figures left Bally Bet with the best hold among mobile operators at 9.4%. It had its second-best week in of revenue with $202,218 in winnings, as more than $175,000 came from bets placed outside the Super Bowl.
