ESPN BET Starts New York Sports Betting With A Bang
The New York Gaming Commission’s latest report shows that during the week ending September 29th, the state’s operators collectively generated a staggering $516.8 million in wagers, marking a 31.3% year-over-year increase and a 7.6% week-over-week jump.
The introduction of ESPN BET has further bolstered New York’s sports betting dominance. The online sportsbook, which acquired WynnBet’s operating license for $25 million earlier this year, managed to generate $3.04 million in wagers during its debut weekend, outperforming established players like Bally Bet and Resorts World Bet, who struggled to match this feat over an entire month.
FanDuel and DraftKings, the market-share leaders, have continued to dominate the landscape, accounting for a combined 76% of the total handle. However, the emergence of new players like ESPN BET has shaken up the status quo, with the platform surpassing both BetMGM and Caesars in weekly handles, securing a $39 million wager total.
The high-stakes nature of the New York sports betting market is further evidenced by the impressive hold rates achieved by the operators. FanDuel, for instance, recorded a 12.2% hold on its $198.2 million handle, generating $24.2 million in revenue, a 26% week-over-week increase. Caesars, on the other hand, achieved the highest hold rate, producing $3.8 million in revenue on a $34.7 million handle.
Fanatics Sportsbook has emerged as a dark horse, surpassing both BetMGM and Caesars in weekly handles with a total of $39 million wagered. This impressive performance underscores the growing influence of the Fanatics brand in the sports betting landscape.
The New York sports betting market has not only witnessed a surge in wagers but also a steady increase in revenue generation. For the week ending September 29th, the state’s operators combined to produce $52.7 million in revenue, a 21.1% increase from the previous week. This upward trend has been sustained, with the weekly sportsbook revenue reaching the fourth-highest mark of 2024 and the third consecutive week of more than $40 million.
During the week ending September 29th, the Empire State’s sportsbooks experienced a slight dip in hold rates, with the overall hold percentage rising to 10.2% from the previous week’s 9.1%. This highlights the need for operators to remain agile and adaptable, constantly fine-tuning their strategies to capitalize on market fluctuations.
