The curtain may have come down for PointsBet in New York, but not without a rousing finale.
The Thursday.
| 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% |
Only the $9.6 million hit absorbed by revenue. It was the 10th time an operator was knocked down by the public for a loss of at least $1 million.
Huge loss skews the numbers near normal 1pt3l
PointsBet’s loss dramatically altered the overall weekly results as it also posted a record weekly handle of $43.9 million, easily outpacing the previous high of $29.9 million set for the week ending Jan. 1, 2023. People wagered $413.9 million on their apps for betting online, up 1.7% from last week while topping $400 million for the 23rd time in the last 25 weeks.
Revenue was still a healthy $37.2 million despite the $8 million drag, down 2.1% from the week ending Feb. 18. Had PointsBet broken even for the week, the $45.2 million haul from the other eight operators would have snuck into the bottom of the Top 10 in all-time weekly revenue. The hold was just off 9%, more than 3.2 percentage points lower thanks to the public hammering PointsBet.
“Big 4” came to play with double-digit holds 5f2967
FanDuel is most assuredly back to its status quo as leader in revenue and handle, claiming $21.1 million in winnings against $157.4 million handle and achieving a 13.4% hold. The formidable online operator has recorded 25 of the state’s 30 weekly instances of an operator reaching $20 million in revenue.
DraftKings — which has the other five instances — also had a strong week with $15.2 million in revenue and an 11.7% win rate fashioned from $130 million worth of wagers. It was the fifth time in seven weeks DraftKings notched a double-digit hold.
BetMGM edged during Super Bowl week with its top-two revenue totals. BetMGM, which had a 12% hold, set its all-time high of $6.7 million the week ending Feb. 4.
Caesars had a 10.4% hold while also nearing $3.7 million and accepting $35.3 million worth of wagers. It was the fifth time in seven weeks Caesars claimed at least $2 million in revenue, though it did absorb a $1.3 million loss Super Bowl week.
BetRivers clearly best of the rest 356u2r
BetRivers nearly had five operators with seven-figure revenues and double-digit holds, agonizingly missing the latter by four-hundredths of a point. It collected $1.1 million in winnings from $11 million handle.
Resorts World had its fifth-highest handle at $2.1 million, and a solid 9.5% win rate resulted in $202,000 in winnings. Bally Bet‘s $159,000 in revenue was its fourth-best in the Empire State, coming with an 8.2% hold against $2 million handle.
ESPN BET will enter the marketplace should it get all the necessary approvals from the NYSGC.
Wrapping up PointsBet’s time in New York 1i2p58
The NYSGC likely won’t break down next week’s numbers specific to PointsBet and Fanatics Sportsbook, which leaves this week’s numbers and previous monthly ones to tabulate the one-time Australian sportsbook’s tenure in New York.
It amassed $49.1 million in revenue against $774 million handle through January, good for a 6.4% hold. When adding the four week-ending totals for February — which includes the final three days of January for the week ending Feb. 4 — PointsBet is down $6.5 million for the month with $63.5 million handle, resulting in a minus-10.2% win rate.
With four days remaining in February, PointsBet’s final act in the Empire State is all but certain to be owning the first seven-figure monthly loss in New York mobile betting history with a dubious record difficult to top. WynnBET currently has the worst monthly loss at a mere minus-$323,464 accrued in December.
