For the 10th straight week, FanDuel posted a double-digit hold in New York

On Friday, the New York State Gaming Commission announced that FanDuel became the first sports betting app to post a hold of 10% or higher for the 10th straight week. FanDuel also held the previous record from July 31 to September 25, 2022. That was a nine-week streak that was just recently beaten. For the week ending on July 14, FanDuel had a 12.7% win rate and collected $14.8 million in revenue from a $117 million handle.

The nine mobile sportsbooks in NY combined for an 11.3% hold from $303.7 million worth of wagers. That was enough to claim $34.3 million in sports betting revenue. Additionally, their betting handle was down 6.2% from the previous week. All nine mobile sportsbooks in NY finished with positive gross revenue for the week. That led to an estimated $17.5 million in state tax receipts.

How did FanDuel fare in the market?

For FanDuel, having a double-digit hold is not out of the ordinary. DraftKings and themselves are almost always near the top of the list for states with legal mobile sports betting. This is thanks to their first-mover status for same-game parlays which brings higher holds for multi-leg wagers compared to single-game events. Unfortunately, the New York State Gaming Commission doesn’t break out handle and revenue by specific sport or wager-specific categories. There is reason to believe that FanDuel’s success over the last three months can be traced back to hammering the public on such parlays. For the last 10 weeks, FanDuel has easily had a 10% hold or higher in the NY sports betting market. Their lowest total was 10.1% for the week ending on June 30. Operators know their handle numbers are going to be smaller in the summer months when the NFL and NBA are not dominating the industry. Despite that, FanDuel has posted a 12% win rate or higher in six of the 10 weeks.

Several sportsbooks were able to attain a 10% hold last week

DraftKings, Fanatics Sportsbook, and BetRivers all had a 10% hold or higher along with FanDuel. Fanatics had a week-leading 17.6% hold on the market. That was $3.2 million in revenue from $18.3 million worth of wagers. BetRivers had a 10.4% hold last week and they reached an all-time benchmark of $80 million in wagers from an $8.8 million handle. Finally, DraftKings had a 10.6% hold to collect $11.6 million in revenue from $110.2 million in wagers. It was DraftKings’ first time since February that they posted back-to-back weeks with double-digit holds in New York.