New York Sports Betting Market Sees Significant Growth with New Entrants
The latest numbers from the New York Gaming Commission show a big jump in sports betting activity in the state with operators taking in $516.8 million in wagers for the week ending September 29th. That’s a 31.3% year over year increase and 7.6% from the previous week.
ESPN BET Brings Competition
A big reason for this growth is the launch of ESPN BET, which bought WynnBet’s operating license for $25 million earlier this year.
In its first weekend ESPN BET took in $3.04 million in wagers, more than smaller competitors Bally Bet and Resorts World Bet combined which took in less than that in a month.
FanDuel and DraftKings Still on Top
Despite the arrival of ESPN BET, FanDuel and DraftKings are still the top dogs, combining for 76% of the handle.
FanDuel had $198.2 million in wagers and $24.2 million in revenue with a 12.2% hold. That’s a 26% increase in weekly revenue for the operator.
Caesars had a smaller handle of $34.7 million but had the highest hold rate and generated $3.8 million in revenue.
With new players like ESPN BET and Fanatics Sportsbook entering the market the dynamics are changing.
Fanatics Sportsbook is now a player, passing BetMGM and Caesars in handle with $39 million in wagers.
Revenue Up and Market Adapting
The New York sports betting market is seeing not only more handle but also more revenue.
Operators took in $52.7 million in revenue for the week ending September 29th, that’s a 21.1% increase from the previous week.
That’s the 4th highest week of 2024 and the 3rd week in a row over $40 million.
But overall hold rates did dip to 10.2% from 9.1%.
As the market changes operators need to be agile and adjust to the ups and downs to take advantage of the opportunity in one of the most competitive sports betting markets in the US.
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