{"id":16659,"date":"2024-03-11T12:48:01","date_gmt":"2024-03-11T12:48:01","guid":{"rendered":"https:\/\/instantcasinos.com\/?p=16659"},"modified":"2024-03-11T15:52:44","modified_gmt":"2024-03-11T15:52:44","slug":"new-york-mobile-sports-betting-revenue-falls","status":"publish","type":"post","link":"https:\/\/instantcasinos.com\/blog\/2024\/03\/11\/new-york-mobile-sports-betting-revenue-falls\/","title":{"rendered":"New York Mobile Sports Betting Revenue Falls By 37.9% In February"},"content":{"rendered":"

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

Having posted $211.5 million in the first month of 2024, February’s revenue dropped to $131.4 million.<\/p>\n

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.<\/p>\n

In February, it his $1.7 billion, a 17.3% decrease from January’s $1.96 billion.<\/p>\n

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%.<\/p>\n

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.<\/p>\n

Meanwhile, DraftKings hit $607.9 million in handle, which translated to $53.4 million in revenue.<\/p>\n

New York Mobile Sports Betting Suffering Without Football<\/h2>\n

It’s no shock to see sports betting<\/a> 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.<\/p>\n

The New York Gaming Commission posted profits of $131.4 million, the first month below $150 million since the start of the football season.<\/p>\n

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.<\/p>\n

However, New York’s tax revenue dropped from $107.9 million in January to $67 million in February.<\/p>\n

BetMGM’s Super Bowl Loss Costs Them Big<\/h3>\n

BetMGM posted a loss of $9.6 million on the NFL’s showpiece finale this year. That loss meant they finished with a\u00a0gross profit of just $580,224 on a handle of $129.7 million.<\/p>\n

The sportsbook has never produced revenue below seven figures until now.<\/p>\n

Almost three quarters of the overall handle for New York mobile sports betting was made up from just the top two sportsbooks.<\/p>\n

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.<\/p>\n

DraftKings’ $607.9 million handle and $53.4 million revenue marked an 8.6% decrease from January.<\/p>\n

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.<\/p>\n

March Shows Signs Of Improvement So Far<\/h3>\n

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.<\/p>\n

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.<\/p>\n

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.<\/p>\n

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.<\/p>\n

New York Mobile Sports Betting Profits Fall<\/h3>\n

Despite a 16.9% jump from the previous weeks handle, FanDuel’s revenue fell from $21 million to $14.8 million.<\/p>\n

DraftKings posted handle of $155,2 million, but saw revenue fall from $15.2 million to $10.2 million in the same week.<\/p>\n

There were similar stories for the rest of the Empire State sportsbooks, with increased handle but lower revenue.<\/p>\n

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.<\/p>\n

WynnBet posted $60,000 in revenue from $1.5 million handle, while BallyBet profited just $297 from their handle of nearly $124,000.<\/p>\n

Check out Instant Withdrawal Casinos<\/a> for the best online gaming experience.<\/p>\n","protected":false},"excerpt":{"rendered":"

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 … <\/p>\n","protected":false},"author":62,"featured_media":16678,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[30],"tags":[],"class_list":["post-16659","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-feature"],"acf":[],"yoast_head":"\nNew York Mobile Sports Betting Revenue Falls By 37% In February<\/title>\n<meta name=\"description\" content=\"New York mobile sports betting saw a revenue drop of 37.9% in February, a drop of around $80 million from January's numbers.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/instantcasinos.com\/blog\/2024\/03\/11\/new-york-mobile-sports-betting-revenue-falls\/\" 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