The New York State Gaming Commission reported $131.3 million in adjusted gross sports betting revenue for February on Friday, as varied operator outcomes from Super Bowl LVIII played havoc with bottom lines.
The revenue total was down 38% from Caesars.
The Empire State’s four retail sportsbooks posted a combined loss of $112,000 on $5.8 million handle. After bettors came out $48,100 ahead on $1.6 million worth of Super Bowl wagers when including futures, they added another $63,700 to their bankrolls from the $4.2 million in other action.
Handle was up 20.7% compared to February 2023 and 9.5% lower than January. There was $1.97 billion worth of wagers. The state collected $67 million in taxes, and the $174.9 million reaching Albany coffers in the first two months of 2024 is $43.4 million more than the same period last year.
FanDuel first, but DraftKings makes up ground 6e4y1u
FanDuel was the top performer among the nine mobile sportsbooks in February, claiming $63.4 million from $720.1 million handle and posting an 8.8% hold. It had more than 40% of New York’s mobile handle for the fifth consecutive month, though the 40.6% market share was the lowest in that streak.
It was also the third time in five months FanDuel failed to post a 10% hold, something it had done in 16 of the 18 months prior to October.
DraftKings nearly took top honors for win rate, edging near 8.8% to reap $53.4 million in winnings from $607.9 million in paced bets. Thanks to BetMGM’s and Caesars’ Super Bowl losses, DraftKings ed for 40% of the monthly mobile revenue for the first time since entering the Empire State. Its previous best was 39.1% last July.
BetMGM’s seven-figure loss for Super Bowl bets — part of its staggering state-record $9.6 million loss for the week ending Feb. 11, eked out a small win for February with $580,000 in revenue from $129.7 million handle. The 0.4% hold was an all-time monthly low and the first below 3% since March 2022.
Caesars’ lighter loss that week, totaling $1.3 million, knocked down its monthly winnings to $6.7 million. It had a 4.2% win rate, ahead of only one just above 4% in July 2022.
The final month in New York for Fanatics Sportsbook‘s entrance Feb. 29, was a record for handle at $82.9 million. That easily outdistanced the previous high of $58 million from January 2023. It only provided a top-three revenue total as a farewell, with the $2.9 million in winnings creating a 3.5% hold.
BetRivers edged PointsBet for fourth in revenue, coming within $26,000 of $3 million while crafting a 6.4% win rate. BetRivers has amassed $6.5 million in winnings the first two months of 2024, which is nearly 10% of its all-time $65.4 million haul.
The off month by BetMGM allowed Bally Bet to claim sixth in revenue with an all-time monthly best of $724,000. Its 7.5% hold ranked third for the mobile operators, while the $9.7 million handle was an all-time high for the third consecutive month.
Resorts World and ESPN BET can enter New York — had a sub-5% hold.
