Online sports betting management in New York fell for the third consecutive week in May. FanDuel and DraftKings felt the pinch the most, while BetRivers rallied.
Last updated: May 25, 2023 4:33 p.m. ET Reading time: 4 min
Legal sports betting operators in the Empire State saw declining management and revenue for the third straight week.
According to figures released by the New York Gaming Commission for the period ending May 21, mobile sportsbooks brought in $307.3 million in wagers, down 3.5% from the previous week. Revenue fell more drastically, from $37 million to $18.9 million. The 48% decline since is the steepest since early April, when college basketball betting ended, and it ended a five-week streak of $35 million or more in profits.
The nine online betting sites combined for a stake of 6.15%.
Bettors rally against FanDuel
FanDuel took the biggest hit in terms of revenue as New York sportsbook customers got the best of the sports betting giant by lowering its win rate from 16% the previous week to just 5.9 % during the period ending May 21.
FanDuel revenue fell 65.4% to $7.4 million on a hold of $123.9 million in the last week on record. Like all of the Empire State, this was FanDuel’s worst week since March Madness ended.
BetRivers only publishes win rates above 7%
Like its rival, DraftKings saw its weekly revenue fall below $10 million for the first time in five periods. DraftKings brought in a handful of $108.3 million and revenue of $7.1 million. Its 6.5% stake was higher than that of FanDuel and six other New York mobile sportsbooks.
Only Rush Street Interactive’s BetRivers posted a win rate of over 7% in the Empire State, with revenue of $693,189 on an $8.2 million hold, good for a win rate of 8.5%.
Caesars ranked third behind DraftKings in New York for the week with $2.4 million in revenue from a handful of $37.4 million. BetMGM just missed a million dollar week with earnings of $957,108 on a handful of $21.4 million.
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