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New York Mobile Sports Betting Revenue Falls By 37.9% In February

James Chittick

New York mobile sports betting revenue fell by 37.9% in February, a drop off of around $80 million compared with January’s numbers.

Having posted $211.5 million in the first month of 2024, February’s revenue dropped to $131.4 million.

Handle in the Empire State fell below $2 billion for the second month in a row, having achieved it three months in a row from October to December.

In February, it his $1.7 billion, a 17.3% decrease from January’s $1.96 billion.

It’s not all bad news, though. February GGR in New York rose 21.4% on last year’s numbers, while handle also went up by 17.6%.

Fan Duel topped the lists for handle and revenue in New York in February. They posted figures of $720.1 million and $63.4 million respectively.

Meanwhile, DraftKings hit $607.9 million in handle, which translated to $53.4 million in revenue.

New York Mobile Sports Betting Suffering Without Football

It’s no shock to see sports betting struggling in the first month after the football season. Empire State’s nine sportsbooks combined for their lowest monthly revenue since August 2023 in February.

The New York Gaming Commission posted profits of $131.4 million, the first month below $150 million since the start of the football season.

At $1.8 billion, the handle was the lowest since September and down 37.9% month-to-month. But year-on-year figures were still up 21.7%, having hit four straight months of handles over $1.9 billion.

However, New York’s tax revenue dropped from $107.9 million in January to $67 million in February.

BetMGM’s Super Bowl Loss Costs Them Big

BetMGM posted a loss of $9.6 million on the NFL’s showpiece finale this year. That loss meant they finished with a gross profit of just $580,224 on a handle of $129.7 million.

The sportsbook has never produced revenue below seven figures until now.

Almost three quarters of the overall handle for New York mobile sports betting was made up from just the top two sportsbooks.

FanDuel led the way with $720.1 million in wagers accepted in February, down 17% from January. The operator’s $63.4 million revenue fell 42% from the previous month, its lowest total since August.

DraftKings’ $607.9 million handle and $53.4 million revenue marked an 8.6% decrease from January.

Caesars posted a handle of $162.2 million, ahead of BetMGM but with a hold of just 4.2%. And in fifth place was Rush Street Interactive with $46.9 million in February handle.

March Shows Signs Of Improvement So Far

There were signs of a turnaround in the final few days of February and into March, though. March Madness is yet to get underway, but the New York still reported a handle of $456.1 million for the week ending March 3.

That saw a 10.2% increase on the amount wagered compared to the previous week, while revenue shot up 7.8% to $40.1 million. At 8.8%, the hold was a small drop from 9% generated in the previous week.

But PointsBet, which turned in an $8 million loss the previous week, wasn’t included in the March 3 figures. Neither was Fanatics Sportsbooks, which launched on February 29.

Surpassing the $400 million mark for the 20th time in 21 weeks, the latest handle was up 11% from the same week last year, with a 55.4% revenue increase year-over-year.

New York Mobile Sports Betting Profits Fall

Despite a 16.9% jump from the previous weeks handle, FanDuel’s revenue fell from $21 million to $14.8 million.

DraftKings posted handle of $155,2 million, but saw revenue fall from $15.2 million to $10.2 million in the same week.

There were similar stories for the rest of the Empire State sportsbooks, with increased handle but lower revenue.

Caesars reported it’s highest wagers in three weeks, at $42.8 million, but just a 4.4% hold stunted revenue. Meanwhile, BetMGM saw $3 million in week-to-week handle increase to $27.8 million, but revenue fell by more than $2 million to 1.5 million.

WynnBet posted $60,000 in revenue from $1.5 million handle, while BallyBet profited just $297 from their handle of nearly $124,000.

James Chittick
James Chittick