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FanDuel Extends Roll In New York With $15 Million In Weekly Winnings

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FanDuel extended its streak of double-digit holds in New York to six weeks after the state’s Gaming Commission reported $32.2 million in mobile sports betting revenue for the week ending June 16 on Thursday.

The leading sports betting app in the Empire State for handle and revenue crafted an 11.1% hold from $137.7 million in handle for the week, resulting in $15.2 million in winnings. The six-week run of win rates above 10% is FanDuel’s longest since doing so in seven consecutive weeks from Oct. 9-Nov. 20, 2022.

The nine digital operators combined for an 8.9% hold from $362.8 million worth of accepted wagers. Handle was up 5% from the previous week while revenue declined 8.4% as the hold for the week ending June 9 was 1.3 percentage points higher. All nine sportsbooks finished with positive revenue, resulting in an estimated $16.4 million in state taxes.

FanDuel Also Close to $1 Billion in Taxes

FanDuel also has a six-week stretch of at least $15 million in revenue, its longest since doing so for nine straight weeks from Dec. 10-Feb. 4. It is $65.1 million shy of $2 billion in all-time revenue in the Empire State, and the state’s 51% tax on those winnings has left it $13.2 million shy of $1 billion in receipts paid to the state.

To put that figure in perspective, consider Pennsylvania is the only state with commercial sports betting that has generated more than $500 million in tax revenue with $582.9 million.

FanDuel’s eternal rival DraftKings had an eight-figure revenue haul for the 15th time in 18 weeks, reaping $11 million in winnings from $125.7 million in handle, good for an 8.8% win rate. It was also the fifth time in six weeks DraftKings had an 8.8% or higher hold.

Caesars, BetMGM, and Fanatics Sportsbook were separated by $65,952 for the Nos. 3-5 spots for revenue as all three eclipsed $1.6 million in weekly winnings. Caesars came closest to $1.7 million, falling $17,525 shy, while Fanatics had the highest win hold of the trio at 10.8%.

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BetRivers came within $325,800 of BetMGM for the No. 4 spot for handle as its $24.9 million worth of accepted wagers was its third-highest weekly total in New York. It failed to capitalize on the increased action — BetRivers had a sub-3% hold for the second consecutive week and finished with $712,200 in winnings.

Rounding Out the Group

Bally Bet had the top hold of the week at 12.8% in keeping $158,800 of its $1.2 million handle.

Resorts World topped $2 million in handle for the third time in five weeks and crafted a 6.4% win rate to claim $131,200.

WynnBET continues to lag behind, making $18,000 for the week with a 5.3% hold against $340,600 worth of bets accepted. It was the 39th consecutive week WynnBET failed to meet the 7% hold considered the industry standard dating back to an 8.1% win rate attained for the week ending Sept. 17.

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