New York Produces 11.5% Weekly Hold in Late June

Weekly holds under 10% don’t usually last long for Empire State online sportsbooks, and they usually bounce back well when they do catch a single digit.

Such was the case for the week ending June 23, when the win rate went from 8.9% to 11.5%.

That led to revenue of $38.2 million, the highest of any week in June so far, and helped offset an 8.2% week-over-week drop in the handle.

The New York Gaming Commission reported that $333.1 million was wagered in the week ending June 23. With just one NBA Finals game during the week and that series coming to a close with the Boston Celtics winning the title in five games, some handle drop was expected. However, the nine online sports betting operators still fared well behind a Stanley Cup Final between the Edmonton Oilers and Florida Panthers that showcased two games during the period. 

Revenue reached $30 million for the seventh consecutive week and the ninth time in the last 10 periods. 

The handle, meanwhile, hasn’t climbed to $400 million since the week ending May 19. 

Big dogs eat

The trend of FanDuel winning New York continued. 

The online sportsbook accounted for $19.6 million of the total profit in the Empire State, thanks to a 15% hold. FanDuel also led all operators for the fourth consecutive week in the amount wagered with a handle of $131.1 million. 

DraftKings was second at $118 million and the only other mobile sportsbook to reach $10 million in revenue, meaning the two market leaders combined for nearly 80% of all money made by operators for the week. 

Bouncing back

Caesars finished third for the week ending June 23 with a handle of $31.3 million. The online sportsbook also bounced back from its third week of revenue under $2 million since April last week with a $2.5 million haul in the latest period. 

BetMGM was fourth with a handle of $22.8 million and went over $2 million in weekly profits for the first time in a month. 

Fanatics kept its spot among the top five with a weekly handle of $16.6 million and enjoyed a nearly 19% increase in revenue. 

Since a New York sports betting run of at least $10 million handles 34 times in 36 weeks dating back to September 2023, BetRivers has gone under that mark in three of the last five weeks. The online operator also couldn’t build off an impressive $24.9 million in the previous week as wagers fell to $9.7 million in the latest period.  

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