Through one week of the NFL season, FanDuel Sportsbook is an emphatic 1-0 in New York.
The mobile sports wagering titan set the single-week record for revenue by a sportsbook in the Empire State, as the New York State Gaming Commission reported on Thursday that FanDuel reaped $32.3 million in winnings from $195.5 million in wagers for the week ending Sept. 10.
FanDuel became the first operator in 88 weeks of New York mobile wagering to surpass $30 million in revenue, smashing its previous high of $26.6 million set the week ending Jan. 22. It was the third time an operator cleared $25 million, with DraftKings last accomplishing the feat with $25.1 million for the week ending Aug. 6.
The start of the NFL season contributed to a 33% spike in handle from the previous week, as the eight mobile operators in the state combined for $416 million handle. FanDuel was not the only sportsbook to win big. Six operators had holds of 9.3% or higher and four topped 10% as the $56.6 million in revenue ranked second only to the $57.5 million accrued for the week ending Jan. 22.
The eight operators had a dramatic turnaround from the previous week, with revenue up nearly five-fold and the hold up almost 11 percentage points to 13.6% (ranking fifth all-time). Amazingly, the high revenue and hold came despite WynnBET paying out $221,081 above its $2.5 million handle (a minus-8.8% win rate).
Can FanDuel post a $200 million weekly handle?
FanDuel’s handle topped its previous record of $188.3 million established for the week ending March 19, and is the No. 2 weekly handle in state history behind the $229.7 million worth of accepted wagers by Caesars for the week ending Jan. 23, 2022. Caesars’ staggering promotional launch offers — offering new customers $300 in free bets, along with a 100% deposit match for the first $3,000 deposited into a new account — gave it an early leg up in the Empire State, and in the longer term the sportsbook has maintained the No. 3 spot in the state among the nine licensees.
FanDuel, though, looks to have at least a puncher’s chance of being the second operator to post a $200 million single-week handle now that the NFL is back in action. Its handle for Week 1 this year was up 51.9% compared to the opening week of the 2022 season, and handle during the 2022 regular season peaked at $181.2 million for the week ending Nov. 27.
Unders going 12-4 in Week 1 and road teams going 12-4 against the spread likely contributed to a good week for the house.
In the week that just ended, FanDuel posted its eighth hold of 16% or better. The other eight mobile books have done that a combined five times when generating a minimum $1 million handle. FanDuel has had double-digit holds in nine of the last 11 weeks, with the other two coming in below 6%.
DraftKings also had a good opening to the NFL season, as its $16.4 million in revenue was its fourth-highest total in New York. The sportsbook had an 11.8% hold on $138.9 million handle as it surpassed $700 million in all-time revenue in the Empire State.
Caesars posted its first $4 million-plus week of revenue since May 7 as it compiled $4.4 million in winnings from $40.9 million handle, good for a hold of 10.7%. It also marked the first time Caesars eclipsed $40 million handle since April 30.
BetMGM also had a double-digit hold, crafting a 10.2% win rate to keep $2.3 million of the $22.1 million worth of accepted wagers. It was the first time since May 28 BetMGM enjoyed a week above $2 million in revenue, and it was the seventh time in 11 weeks with a 10%-plus hold.
And then there’s WynnBET
Having announced last month it would cease sportsbook operations in eight states as executives contemplate its future in New York, WynnBET continues to struggle to gain traction. Its six-figure loss last week was its largest, with the previous worst being minus-$72,623 for Jan. 1. The negative-8.8% hold is also the second-worst of any mobile operator in New York, trailing the negative-14.1% hold Resorts World had the week ending Nov. 6, 2022, when it lost $161,414.
The nine weekly losses ties WynnBET with Bally Bet for second-most among operators, one less than Resorts World. It was also the second time WynnBET had consecutive losing weeks, having paid out a combined $93,396 Nov. 20-27 (compared to the $257,808 the last two weeks). WynnBET’s all-time hold in the Empire State is under 6%, and last week’s loss left it $86,000 shy of $10 million in total revenue.
