FanDuel Sets a New Monthly Standard for Sportsbooks in New York

FanDuel has set a new bar for legal sports betting in New York

James Bisson

Last updated: November 3, 2023 12:38 PM EDT • 3 min read

The last week of October provided sportsbooks across the country with a rare seven-day period when all four of the nation's major sports leagues were active. FanDuel New York proved just how much the presence of the NFL, NBA, MLB, and NHL over a seven-day stretch can benefit the best sports betting apps, best sportsbooks, and betting sites.

According to figures The New York Gaming Commission released, FanDuel New York was able to set a new record for the handle during a one-week period. Despite the providers' handle boon for the week that ended on Oct. 29, revenues didn't exactly follow suit. Revenues for the seven-day period actually fell, thanks to an underwhelming hold rate for New York State providers during the week.

The entirety of the New York sports betting industry, which offers New York sportsbook promos, took in $527.4 million during the Oct. 22-29 period, which ranks as the Empire State's second-best weekly wagering total ever. Only the $572.6-million week that ended Jan. 23, 2022 was better.

About that record

FanDuel New York took in $274.7 million in wagers during the week spanning Oct. 22-29, the highest amount from a single sportsbook in the Empire State for a one-week period since legal mobile sports betting went live there in January 2022.

It was a 13%, or $75 million week-over-week handle increase for FanDuel.

The previous weekly high of $229,709,718 from Caesars New York for a seven-day period ending January 23, 2022 - the third week of legal sports betting in the state. During that time, Caesars was in its infancy and boasted a bonus offer of $300 in free bets, along with a $3000 deposit match.

A New York sports betting app hasn't eclipsed $200 million for a one-week period during another month. FanDuel came close to the $200 million mark for the week ending Oct. 22 with $198.7 million in bets, and the sportsbook generated $196.1 million for the week ending Oct. 1.

FanDuel revenues dropped

Despite setting a record for weekly handle totals in New York, revenues for FanDuel in the state didn't follow suit. FanDuel's win rate was half of what it was the week before and came in even lower than the combined weekly sportsbook win rate for the state. FanDuel New York held just 4.8%

It led to $13.3 million in weekly revenues for FanDuel New York, its lowest profit total since $12.6 million was reported Oct. 8.

Disappointing hold rate for all New York sportsbooks during the week

Bettors in New York enjoyed a pretty good week against their state's sportsbooks last week. It meant that revenues for FanDuel and the other New York sports betting apps didn't see sky-high totals accompanying the impressive handles.

New York's best sportsbooks had enjoyed three straight weeks of at least $30 million in revenues. But there was an underwhelming 5.5% hold rate that mitigated profits, which is an over three-point week-over-week drop and the weakest win rate for state sportsbooks since the all-time low of 2.7% set during the week ending Sept.3.

Just $28.8 million in revenues for the state's sports betting providers was reported for the week. It is a 28% week-over-week revenue drop for the state's sports betting providers.

The rest

DraftKings New York was second in the state in terms of both handle and revenues for the week ending Oct. 29. It took in $147.6 million over the one-week period while generating $8.9 million in revenues off of a 6% hold. That $8.9 million was the first sub-$10 million revenue week for the provider since Sept. 3.

Meanwhile, Caesars New York generated $47 million in bets for the week with an awful 2.8% hold, BetMGM New York was fourth with $25.5 million in bets (its best handle week since May), and BetRivers saw its weekly handle cut in half for the week, but it still ranked fifth with a $21-million handle. Of note, BetRivers did report an excellent 18% hold, which allowed for $3.9 million in revenues for the week.

Written By:
James Bisson

James Bisson is the Editor-in-Chief of Sportsbook Review. He has been a writer, reporter and editor for more than 20 years, including a nine-year stint with The Canadian Press and more than five years at theScore. He has covered dozens of marquee events including the 2010 Winter Olympics, the 2006 Stanley Cup final and Wrestlemania 23, and his work has appeared in more than 200 publications, including the Los Angeles Times, the Guardian, Yahoo! Sports, the Toronto Star and The Globe and Mail. His book, “100 Greatest Canadian Sports Moments”, was a hardcover best-seller in Canada in 2008 and earned him appearances on CBC Radio and Canada AM. He has written more than 50 sportsbook reviews, more than 200 industry news articles and dozens of other sportsbook-related content articles. A graduate of the broadcast journalism program at Ryerson University (now Toronto Metropolitan University), James has been an avid bettor since the early 2000s, and cites bet365 as his favorite sports betting site due to its superior functionality and quick payouts. His favorite piece of sports betting advice: "Stay in your lane. You're much more likely to have success betting sports you know, and focusing on finding angles and edges there."