The New York State Gaming Commission reported $41.9 million in adjusted gross weekly sports betting revenue from its nine mobile operators for the week ending March 31 as the group improved their collective hold by more than three percentage points to 9.2%.
Revenue was up 34.4% from the previous week, when the betting public limited them to a 5.8% win rate against the second-highest weekly handle in state history since sports betting apps became available. Handle dipped 15.4% from that $539.6 million wagered, but the $456.4 million worth of bets accepted marked the 25th time in the last 27 weeks handle topped $400 million.
All nine operators finished with a positive AGR for the week, which means the estimated tax revenue for the state of New York would be $21.3 million. With the week’s last report coinciding with the end of the month, there is a chance the Empire State bettered its own national record for monthly handle as the five weekly reports for March showed a combined $2.33 billion worth of action that included the final four days of February.
New York remains the only state to eclipse $2 billion in monthly handle, setting the U.S. record in November at $2.12 billion. That came during a three-month stretch when wagering topped $2 billion from October through December.
Another first for FanDuel 2u5m2u
mobile betting, and it produced another first as it became the first operator to post back-to-back weeks with $200 million handle. The online leviathan accepted $202.8 million worth of wagers and fashioned a 10.6% hold in claiming $21.4 million in revenue.
It was the 27th time FanDuel accrued $20 million or more in weekly winnings and seventh time in the first 13 weeks of 2024. It also crossed $1.7 billion in all-time revenue in the Empire State.
DraftKings was a distant second in both revenue and handle, posting an 8.3% win rate against $153.9 million handle in amassing $12.7 million in revenue. That was enough to push it over the $1.1 billion mark in all-time winnings.
Caesars closed out March in strong fashion, posting an 8.5% hold in keeping $3.5 million of the $40.7 million wagered for the week. It has cleared $40 million handle in five straight weeks and 25 of the last 28.
Fanatics Sportsbook continued its impressive start since taking over for PointsBet, notching a seven-figure revenue total for the third consecutive week. The $1.25 million was $3,700 higher than the previous week, but its 7.9% hold from $15.9 million handle was 1.1 percentage points higher.
BetMGM rounded out the group of five to top $1 million in weekly winnings, though it had a 5.9% hold from $27.4 million worth of wagers in claiming $1.6 million worth of revenue. Its 5% hold for the 2024 calendar year is the lowest among the six mobile operators who have generated at least $100 million handle.
Small books on the rise 2c5t5s
Both Bally Bet and Resorts World posted top five all-time revenue totals. The $212,106 won by Resorts World came off a 10.3% hold and ranked fifth overall as it posted back-to-back weeks with $200,000 in revenue for the first time since Oct. 8-15.
Bally Bet‘s haul of $180,669 was its fourth-best in the Empire State thanks to an 8.1% win rate from $2.2 million handle. Bally Bet appears poised to have a record monthly handle as the five weekly March reports showed $11.6 million worth of wagers accepted. Its $29.3 million handle for the first three months of 2024 is more than the $21.4 million generated last year in eight months while migrating their trading desk to Kambi.
Bettors appear to have given up using WynnBET, which saw handle dip for a fourth consecutive week to $426,190. It also had a 1.1% hold in winning just $4,618 as its streak for failing to reach the 7% industry standard is now 28 weeks dating back to an 8.1% win rate Sept. 17.
Parent Wynn Enterprises agreed to ESPN BET into the largest marketplace in the nation if approved by the NYSGC.
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