Record Breaking Week for NY Industry

New York Mobile Sportsbooks Achieve Record $62 Million Revenue

By Amelia Walker Senior Content Writer Updated: 30 October 2023

Amelia Walker Senior Content Writer

Amelia Walker is a Senior Content Writer at Betting.US. She has a law degree and deep knowledge of the gambling laws in the United States. Her mission is to keep players informed about responsible gambling, while her passion for sports helps her create useful guides. Amelia has over a decade of experience in betting, which has positioned her as a trusted voice among our readers.

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According to recent reports, New York State’s mobile sportsbooks have hit a new milestone, generating an adjusted gross sports wagering revenue of $62 million for the week ending October 15. This milestone marks the highest weekly earnings ever recorded for online mobile operators in the state, with data being released by the New York State Gaming Commission.

While the state commission report didn’t provide a detailed breakdown of revenues by sport, it is thought that a significant portion of the earnings came from parlays. This has been linked closely to the unexpected defeats of the previously unbeaten Philadelphia Eagles and San Francisco 49ers in week six of the NFL season, both of which were popular choices for multi-leg wagers.

A Phenomenal Week for Sports Betting and Operators in the State

The eight mobile sportsbooks in New York reported a record 15.4 percent hold, which overtook the previous high of 14.2 percent set during the week ending July 10, 2022. This did not include Bally Bet, which is currently moving its platform over to Kambi.

This achievement comes after 93 weeks of online sports betting in the state. The previous revenue record was $57.5 million for the week ending January 22. This also marks the third time that the weekly revenues have exceeded the $50 million mark.

The phenomenal week has taken all-time mobile sports betting revenue over $2.5 billion and the total mobile handle over $30 billion. According to reports, this is the first instance of the win rate exceeding 10 percent since September 10, with double-digit holds reported in 34 out of the 93 weeks of mobile betting in New York.

According to officials, the data is a sign of the growing popularity and profitability of mobile sports betting in New York. However, there are continued concerns relating to problem gambling in the state.

Recently, State Comptroller Thomas P. DiNapoli said:

With the ease and 24/7 availability of mobile betting apps, problem gambling and addiction are poised to increase. More attention should be devoted to understanding the implications of mobile sports betting, particularly on young New Yorkers.

Despite these concerns, many are excited about the latest figures, which have taken the state’s sports betting success to new heights.

Household Names Led the Way

Leading the way were household names FanDuel and DraftKings, with both operators coming close to setting new revenue records.

FanDuel nearly reached $30 million in weekly revenue, falling just $450,000 short, while also setting an all-time high hold of 18.5 percent on handle of over $159.9 million. DraftKings came in a close second with over $23 million in revenue and a 15.8 percent win rate, which is its second highest to date.

BetMGM and Resorts World also reported strong performances. BetMGM exceeded $3 million in weekly revenue for the third time in New York, with a record 14 percent hold. Resorts World set a new revenue record of $281,061, which was a significant increase from its previous record of $217,419. The operator also reported an impressive 19.7 percent hold for the week.