FanDuel Surpasses $2 Billion In Mobile Sports Betting Revenue In New York

FanDuel reported $11.2 million in mobile gross sports betting revenue for the week ending July 21, according to the New York State Gaming Commission, on Friday as the digital leviathan cleared $2 billion in all-time winnings in the Empire State.

It took FanDuel 133 weeks of mobile betting to reach the milestone. New York sportsbook operators surpassed $4 billion in overall winnings with June’s monthly report, and FanDuel has accounted for roughly 50.4% of the $3.99 billion in revenue claimed by the state’s nine sports betting apps.

Handle plunged 26.1% from the week ending July 14 to $224.6 million, though the drop was expected with the Major League Baseball All-Star break substantially lightening the sports schedule for much of the week.

It was the lightest weekly handle in New York since $212.2 million was wagered the week ending Aug. 27, but it still represented a 38.7% increase in handle from the week of the 2023 MLB All-Star break.

Overall revenue totaled $25.1 million as the 11.2% hold marked the third straight week it was above 11%. That matches the longest such streak in state history established from May 12-26.

All nine operators finished with positive gross revenue for the week, resulting in an estimated inflow of $12.8 million in taxes to state coffers.

FanDuel Continues Roll With Another Hefty Hold

FanDuel’s revenue milestone came while it extended its streak of double-digit holds to 11 weeks, the longest such run in state history. It notched a 12.9% win rate against $86.8 million in handle and has topped $40 million in winnings in the first three weekly July reports.

FanDuel has posted back-to-back weeks with 12% or higher holds three times during its current run and reached at least $10 million in revenue for 23 consecutive weeks.

DraftKings was denied its first three-week streak of double-digit holds since a four-week run from July 16-Aug. 6, 2023, posting a 9.5% hold. It reaped $7.7 million in winnings from $81.5 million worth of bets placed and moved within $1.9 million of $400 million in revenue for the calendar year.

Caesars attained a 12% hold for the second time in three weeks, landing at 12.6% in collecting $2.5 million in revenue from nearly $20 million in handle. Caesars also cleared $6 billion in all-time handle, though more than 10% of that came in the first four weeks back in January 2022.

Fanatics Sportsbook was the fourth and final operator to reach seven figures for the week, clearing $1.7 million thanks to a hold just shy of 12%. It was the eighth time in the last 10 weeks Fanatics notched a double-digit hold, and the sixth time it was above 11%.

Checking Out the Other Quintet

BetMGM came within $40,000 of $1 million in revenue, posting an 8% hold in collecting $960,500 from $12 million in wagers. BetRivers had a 9.7% win rate that resulted in $729,000 in winnings from $7.5 million in handle.

Resorts World edged over 9% in claiming $116,500 in revenue, while Bally Bet was low operator on the totem pole for hold at 7%. That resulted in $82,800 in revenue from $1.2 million worth of bets placed.

WynnBET actually had the highest hold of the week at 13.3% — its highest since a 14.3% mark Aug. 27 — but it also accepted only $112,800 worth of bets to keep close to $15,000.