New York Mobile Sportsbooks profited off the public to make $34 Million in their weekly haul

In New York, FanDuel is normally the sportsbook that consistently has a double-digit weekly hold. However, six of the state’s nine mobile sportsbooks had a win rate of 11% or higher for the week ending on July 28. These figures were published by the New York State Gaming Commission on Friday. The state claimed $34.3 million in sports betting revenue. New York had an overall hold of 12.6%. That is their highest win rate since May 12 of this year. Additionally, this was the first time since January 2022 that the state’s collective win rate was 11% or higher for four straight weeks. The state’s sports betting handle was able to rebound after the MLB all-star break, hitting 21% for $271.7 million. That was 24.7% higher than the same week in July 2023. Revenue was also up 36.7% and the weekly hold was 1.5 percentage points higher.

What will the imposing DraftKings tax do to the NY sports betting market?

For the week ending on July 28, DraftKings finished with $11.4 million in revenue and an 11.7% hold from the $97 million handle. They were able to avoid their first week since August 20 – September 4 2023 when they had back-to-back weeks with $10 million or less in revenue. DraftKings’ most recent weekly winnings were enough to lift them over $400 million for the calendar year. Despite the winnings, the real issue with DraftKings is the change they announced at the end of last week. In New York, Illinois, Pennsylvania, and Vermont, there will be a surcharge on winnings bets at DraftKings. New York sports bettors are already paying a 51% tax rate on their winning bets. DraftKings adding a surcharge would take even more away from the individual’s profit.

FanDuel continues to dominate in New York

FanDuel had the highest hold of any mobile sportsbook for the week ending on July 28 with a 14.1% hold. That was enough to collect $14.6 million in winnings from a $103.2 million handle. That was the 12th straight week that FanDuel had a double-digit win rate. That is the longest streak in NY mobile sports betting history. It was the fifth time in 12 weeks that they had a hold of 13% or higher. Fanatics Sportsbook had a solid week with a strong 13.7% hold with $2.4 million in winnings from a $17.9 million handle.