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New York Weekly Mobile Sports Betting Revenue Sets Record

DraftKings had its biggest week of mobile sports betting action in New York to fuel a state record revenue haul of $70.9 million for the week ending May 12, according to figures released Friday by the state’s gaming commission.

DraftKings accounted for more than half the winnings derived from wagers on the state’s nine sports betting apps, totaling $36.5 million thanks to a staggering 15.8% hold. It was the biggest weekly winnings posted of any digital operator, with FanDuel having held the record previously at $33.4 million for the week ending Jan. 14.

DraftKings also recorded its highest weekly handle in the Empire State at $231.5 million, topping its previous best of $218.1 million for the week ending Dec. 17. It was the fourth-biggest handle among mobile operators overall since launching in January 2022, edging past the $229.7 million in accepted bets Caesars had the week ending Jan. 23, 2022.

FanDuel also had a large hand in setting the weekly sports betting revenue record. Its $26.9 million contribution ranks fifth internally and is seventh-best in the 123 weeks New York bettors have had sports betting apps available.

The $532.3 million handle for the week ranked third all-time, while the statewide hold of 13.3% for mobile bets was 12th-highest overall. All nine operators finished with positive sports betting revenue, which puts the estimated taxes generated for the week at $36.2 million.

DraftKings showing May aggression

In addition to the record revenue haul, the week’s numbers marked the first time DraftKings had back-to-back weeks with at least $200 million in handle. It had eclipsed that benchmark only once previously before accepting $217.2 million worth of bets for the week ending May 5.

Its previous best week for revenue came April 21, when it reaped $27.3 million while crafting a 14.6% hold from $187.1 million in handle. The 15.8% win rate for this week trails only the 18.3% hold attained in its first week of action in New York back in January 2022.

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FanDuel came within $950,000 of its first week with $200 million handle since March 31. Its 13.5% hold was its highest since notching a 16.7% mark for the week ending Jan. 14 — when it set the previous revenue record of $33.4 million. FanDuel also extended its streak of having at least one week per month in New York with a double-digit hold to 23 months, a run that started in July 2022.

Eight of the state’s nine mobile books had a 6% hold or higher, with Resorts World the outlier at 2.4%. Bally Bet also set a new record for weekly revenue with $285,000 on the strength of a 14.4% win rate against close to $2 million in handle.

Caesars took the final podium spots for both revenue and handle, winning $2.9 million off close to $40 million in bets placed to craft a 7.1% hold. BetMGM narrowly missed the industry standard 7% hold, but picked up $2.1 million in winnings from $29.7 million worth of wagers. Fanatics Sportsbook was the fifth and last digital book to hit seven figures for the week, reaping $1.3 million while piecing together a 7.7% win rate against $16.4 million in handle.

BetRivers came within $37,600 of $1 million in winnings, posting an 8.5% hold against $11.4 million worth of bets accepted. Resorts World garnered just $42,100 in revenue, but that was still enough to top WynnBET. It finished with $28,300 in revenue thanks to a hold of just over 6% from $470,400 in handle.

Last week marked the seventh time weekly mobile handle surpassed $500 million. Revenue was up 9.9% from last week while revenue skyrocketed 207% as the hold for the week ending May 12 was 8.6 percentage points higher.