The New York State Gaming Commission reported Wednesday that FanDuel accepted $274.7 million worth of wagers through online betting and its mobile betting app for the week ending Oct. 29, an all-time record for weekly action since New York mobile sports betting launched in January 2022.
Caesars Sportsbook previously held the record at $229.7 million, which it set the week ending Jan. 23, 2022. That was the third week of mobile betting in the state, which came at a time when Caesars made a bold splash in the Empire State with sportsbook bonus offers of $300 in free wagers and initial deposit matches up to $3,000.
It also had been the only instance of weekly handle topping $200 million among any of the state’s nine mobile books. Both FanDuel and DraftKings had flirted with being the second before FanDuel’s breakthrough last week. DraftKings had reported $196.1 million handle the week ending Oct. 2, while FanDuel hit $195.5 million Sept. 10 before inching higher to $198.7 million one week before setting the record.
That record handle, though, did not translate into a revenue haul challenging its all-time revenue high of $32.3 million set Sept. 10. Bettors held FanDuel under a 5% hold for the first time since the week ending April 9 as the sportsbook claimed a relatively modest $13.3 million in revenue.
In 95 weeks of online wagering in the state, the $527.4 million overall mobile handle for the week ranks behind only the $572.6 million generated the week ending Jan. 23, 2022. The mobile books had a collective hold of 5.5%, the lowest since the all-time low of 2.7% set Sept. 3, and operators finished with $28.8 million in revenue.
BetRivers lone operator to buck low-hold trend
FanDuel is usually the mobile betting app most associated with double-digit holds, be it weekly in New York or monthly there and elsewhere. BetRivers, however, stole the spotlight as the only book taking bets last week that had a win rate above the 7% industry standard.
It did so in impressive fashion, ringing up a hold just shy of 18% on $21.5 million handle to claim $3.9 million. That revenue total was more than triple its previous weekly best of $1.2 million established the week ending Feb. 5 and continued a chaotic October for the Rush Street product.
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BetRivers set three weekly handle records for itself among the five reports published this month, highlighted by a $42.2 million total for the week ending Oct. 22. Those five weekly handles also comprise its entire top five all-time list, as its handle had not topped $12.6 million previously. BetRivers also emphatically bounced back last week from its worst weekly loss after bettors came out $1.6 million ahead Oct. 22.
DraftKings had the next-best hold among online books at 6.1%, keeping $8.9 million of the $147.6 million worth of wagers accepted. On the other end of the spectrum, PointsBet took its first weekly loss since May 14 as bettors finished $121,000 ahead on $6.5 million handle. It was the fifth overall weekly loss for PointsBet and the book’s third-largest.
All-time monthly records in October offerings?
The NYSGC’s weekly report for Oct. 1 has overlap from September, while the next report, for the week ending Nov. 5, will contain the final two days of October sports wagering. That makes it uncertain whether any all-time monthly records were set until the agency releases the full monthly reports that include retail wagering.
That said, it appears there will at least be a new all-time high for operator revenue. The five weekly reports showed more than $188.8 million in mobile operator revenue, significantly above the current standard of $168.8 million set in September.
Handle is more challenging to forecast given the larger range of figures. The five October reports published by the NYSGC put handle at close to $2.26 billion, though the Oct. 1 report includes six days of September wagering. With the final two days of October falling on Monday and Tuesday, there may not be enough handle to offset a potential difference and result in the first $2 billion state monthly handle in U.S. history.
The weekly filings covering January of this year fell the same way on the calendar as October and totaled $2.03 billion handle. But the eventual total for the month landed just shy of $1.8 billion — which is still the post-PASPA national record.
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