New York’s online sportsbooks surged to a $526.4 million handle during the week ending December 22, propelled by the excitement of college football playoffs and the NFL’s late-season action. According to the New York Gaming Commission, this marked a 17.6% increase over the previous week and was the second-highest total for December so far.
However, while the handle grew significantly, revenue experienced a dip. The state’s nine online sportsbooks collected $34 million, down 7.6% from the prior week and extending a trend of falling profits. This was the ninth consecutive week with at least $30 million in revenue but also the fourth straight week falling short of $50 million.
Football Fever Fuels Growth
The surge in betting activity came as fans rallied around two major events: the debut of the College Football Playoff’s 12-team format and Week 16 of the NFL. The combination drove the weekly handle past half a billion dollars for only the second time this December, highlighting football’s unparalleled influence on the betting market.
Wagering during this period outpaced the same NFL week in 2023 by 26.5%, but revenue dropped 20%, showing that while bettors were more engaged, sportsbooks faced tighter margins. The week’s 6.5% hold was the lowest since October and significantly below the previous week’s 8.2%.
FanDuel and DraftKings Maintain Lead
FanDuel, New York’s dominant sportsbook, rebounded after a rare drop in the previous week. The operator handled $205.5 million in wagers, a comfortable lead over DraftKings, which reported $167.5 million. Both platforms saw strong week-over-week growth, with FanDuel’s handle increasing by more than $20 million and DraftKings up by 18%.
Revenue painted a more complicated picture:
- FanDuel: $15.7 million revenue (22% decline) with a 7.6% hold.
- DraftKings: $10.3 million revenue with a 6.1% hold.
While FanDuel maintained its top spot, the revenue drop underlines the challenges of balancing large handles with profitability.
ESPN BET’s Record Handle, Slim Profits
ESPN BET made waves with a record weekly handle of $20.9 million, a 203% leap from the previous week. This represented its best performance since entering the New York market in September and surpassed its prior high of $11.4 million.
Despite the handle success, revenue told a different story. With a hold of less than 1%, ESPN BET generated just $146,756 in revenue—the lowest weekly total since its launch. This reflects growing pains for the operator, which recently acquired WynnBet’s New York license.
BetMGM Shines, Fanatics Falters
BetMGM had a strong showing with $40.9 million in bets, narrowly edging out Fanatics Sportsbook, which recorded $40.8 million. BetMGM’s revenue also impressed, reaching $4.4 million, its second-best figure during the football season.
Fanatics, however, struggled. Despite its substantial handle, the platform managed just $574,203 in revenue, highlighting the challenges of converting wagers into profits in a competitive market.
Caesars and BetRivers Wrap Up the Week
Caesars Sportsbook secured its place in the top five with a $35.9 million handle and $2 million in revenue. Meanwhile, BetRivers lagged behind, finishing below ESPN BET for only the second time with a handle of $10.9 million.
This uneven performance among smaller operators underscores the market’s challenges, especially as established players like FanDuel and DraftKings continue to dominate.
Weekly Handle and Revenue Snapshot
| Operator | Handle ($M) | Revenue ($M) | Hold (%) |
|---|---|---|---|
| FanDuel | 205.5 | 15.7 | 7.6% |
| DraftKings | 167.5 | 10.3 | 6.1% |
| BetMGM | 40.9 | 4.4 | 10.8% |
| Fanatics | 40.8 | 0.57 | 1.4% |
| Caesars | 35.9 | 2.0 | 5.6% |
| ESPN BET | 20.9 | 0.15 | <1% |
| BetRivers | 10.9 | Data Not Available | N/A |
New York’s sports betting market continues to showcase the highs and lows of a competitive landscape. While football remains the backbone of the industry’s growth, revenue fluctuations hint at the delicate balance operators must strike to thrive. With the NFL playoffs and college bowl season still ahead, all eyes will remain on these sportsbooks as they aim to sustain momentum into the new year.
