Week 1 of the 2024 NFL season was highly profitable for New York Sportsbooks

When the Falcons and Eagles play tonight on Monday Night Football, it will conclude Week 2 of the 2024 NFL season. As Week 2 is coming to a close, sportsbooks nationwide are starting to release their figures for Week 1. Per the New York Gaming Commission, the eight online operators in the Empire State reported $476.3 million in wagers in the week ending on September 8. That was up 14.5% from the same week in 2023. However, revenue did take a massive hit, dropping 43% year-over-year to $32.3 million in Week 1. New York sports betting operators combined for a 6.8% hold, down from a 13.6% win rate in Week 1 of 2023. Additionally, this was the third consecutive week that New York Sportsbooks had a hold below double digits. While revenue took a step back in Week 1, New York did have a handle 18.7% higher than Week 1 in 2023. This was their back-to-back week with $400 million in wagers since mid-May. That’s thanks to college football and the NFL being back at the same time. Until proven otherwise, betting on NCAA football and the NFL will continue to reign supreme in the market.

What NY sportsbooks were the most profitable in Week 1 of the NFL?

New York’s $476.3 million in wagers was their 13th-highest total in 140 weeks of legal sports betting in the state. Seven of the eight online operators in New York finished with a positive hold for the week ending on September 8. That’s an estimated $16.5 million in taxes based on a 51% rate levied on mobile winnings. The sportsbook to have the highest handle in Week 1 of the 2024 NFL season was FanDuel by a narrow margin. They beat out their rival DraftKings by $459,400 to accept $181.6 million in wagers. FanDuel has now accepted over $20 billion in all-time wagers in New York. Only four states outside of NY have accomplished that feat in the post-PASPA era. While FanDuel had competition for the handle, they were the undisputed leader for revenue.

They fell just short of $15 million in revenue in the week ending on September 8. FanDuel finished with an 8.2% win rate, marking time since March when they fell below 10% in consecutive weeks. Finally, FanDuel had $28.4 million in revenue in their first two reports from September. DraftKings was $24,600 shy of hitting $10 million in revenue for the Week 1 of the 2024 NFL season. They had a 5.5% hold from a $181.1 million handle. In four of the last six weeks, DraftKings has been held under the industry standard win rate of 7%. BetMGM had an 8.2% hold, collecting $2.8 million in revenue from a $34 million handle.