New York reported a surge in betting handle and revenue for February this year, that is, 2024. The number for revenue was up by 21%, and so was the handle. Although the revenue is slightly lower than the industry standard, New York seems to be doing fine at $1.8 billion wagered by participants. The hold percentage was 7.4%.
Handles increased for BetMGM, DraftKings, and FanDuel by 20%, 24%, and 22%, respectively. Except, BetMGM stood out in the market with a loss in revenue. Needless to say, DraftKings and FanDuel maintained their momentum in revenue. Caesars lost its track in revenue and handle.
Numbers for the next month, March 2024, could be a little different considering a new player has entered the sphere. Fanatics Sportsbet: interestingly, participants in the February’s number for one day on February 29, 2024.
The NY market’s Revenue without or before taxes was $131.4 million. All eyes are on Fanatics, eagerly awaiting how things roll out for the new entrant. Speculation is that DraftKings and FanDuel will not lose their ground, but BetMGM may expect a slight hampering in its books. Fanatics was able to book a revenue of $2.9 million, most of which came from PointsBet.
DraftKings and FanDuel rose by 59% and 19%, respectively. FanDuel’s revenue stood at $63.4 million, while its handle was $720 million. This is in comparison to DraftKings’ $53.4 million and $608 million in the respective sectors. BetMGM’s revenue was $600,000, despite booking $130 million in wagers.
Gaming and entertainment continue to evolve. The NY market is better poised to rise in the coming months as participants have realized their responsibility in placing wagers and the odds they can select. A new player in the market is less likely to change the figures drastically. But it does pose a new color for everyone to pinpoint. This means revenue and handling are up for major sports betting sites. The future could be comparatively better as competition rises.
Caesar’s handle dropped by 17% to $161 million, and its revenue dropped by 21% to $6.7 million. New York previously announced low holds by a large number of bettors to diminish the odds. The dip was 7.2%, as the announcement dates back to early December 2023. FanDuel and DraftKings exceeded their betting high watermarks in November.
As for the new entry into the NY market, BetMGM had previously responded to a similar update by saying that it does not fear newcomers. The sentiments that were previously associated with ESPN Bet may be extended to Fanatics in March 2024.
Technological advancements, strategies for overcoming obstacles, and promotional rollouts will ultimately drive the market. Players could focus on spreading brand awareness to onboard a larger number of customers. For instance, ESPN did come with a certain number of fans following, which benefits ESPN Bet.
