New York Posts No. 2 Mobile Weekly Handle At $539.6 Million

The New York State Gaming Commission reported a mobile sports betting handle of $539.6 million for the week ending March 24, the second-highest amount wagered in 117 weeks since sports betting apps became available in the Empire State.

The action, highlighted by the first two rounds of the NCAA Tournament, trailed only the $572.6 million wagered during the week ending January 22, 2022, the third week mobile betting was available in New York. It was the sixth time handle surpassed one-half billion dollars and was the most since $502.2 million was bet the week ending Dec. 17. In stacking up this year’s handle against the week ending March 19 last year — also when the first two rounds were held — handle was up 17.3%.

It was the third weekly handle of the year to break into the all-time top 10, along with Jan. 21 at $490.7 million and Feb. 11 — the week of Super Bowl LVIII — at $474.6 million. While the nine operators combined for $31.2 million in adjusted gross sports betting revenue, the 5.8% hold was the lowest since the 1.1% win rate from Feb. 11. The biggest difference this time was that no operator posted a loss in March, but none of them had a hold above 9%.

FanDuel posts third-best handle in state history

FanDuel accounted for 45% of the action as the $244.8 million worth of accepted wagers was its third-highest total, trailing only the all-time state high of $274.7 million for the week ending Oct. 29 and $262.3 million the week ending Nov. 19. But as was the case in those two weeks, FanDuel failed to notch a big win against the betting public.

The online leviathan finished with a modest $14 million in winnings while posting a 5.7% hold. That win rate split the difference compared to weeks with its other two largest handles — FanDuel had a 7% hold Nov. 19 in claiming $18.4 million in revenue and a 4.8% win rate Oct. 19 while keeping $13.3 million. Its hold for the last week was its lowest since crafting one of 4% during Super Bowl week.

DraftKings‘ $174.4 million handle was just outside its all-time top five, but it also failed to reach a 6% hold while finishing with $10.3 million in revenue. It did cross $13 billion in all-time handle with the week’s wagering and posted an eight-figure revenue haul for the sixth consecutive week.

Fanatics Sportsbook needed just three weeks to do something predecessor PointsBet could not — post back-to-back weeks with $1 million-plus in revenue. In its third full week since entering the marketplace, Fanatics again bounced its top winnings week higher, reaching $1.2 million while notching a 6.8% win rate against $18.4 million handle. That was also enough to push the combined handle of the two licensees above $900 million.

Rounding out the group play for the week

Caesars was a distant third for handle at $48.2 million and notched a 6.1% hold to collect $2.9 million in winnings. It was also the first time it eclipsed $45 million handle in back-to-back weeks since a four-week run from Dec. 31-Jan. 21.

BetMGM was the fifth and last operator to reach seven figures in revenue, winning $1.4 million while crafting a 4.8% hold against $30.2 million worth of wagers. BetRivers came within $55,300 of a $1 million week of winnings, as it finished with a 5.1% win rate against $18.4 million handle. Its $38.7 million in action the last two weeks is its most in any two-week span since generating $39.4 million handle for the weeks of Nov. 19-26.

Resorts World had the highest hold among the group of nine operators at just shy of 9%, as it surpassed $200,000 in revenue for only the seventh time. WynnBET had its second straight week with less than $600,000 handle, finishing with a 6.6% hold while winning $37,601 of the $567,522 wagered.