It is becoming apparent that four sportsbook operators are dominating the mobile New York sports betting market with two, in particular, putting some space between themselves and the rest of the field.
For the week of March 7-13, New York bettors wagered about $406.4 million with the state’s eight online operators. But just one of those operators, FanDuel Sportsbook New York, handled about $173 million of the bets for the week — about 42.6% of the total.
Behind FanDuel in second place for handle was DraftKings Sportsbook New York with $103 million, meaning that the two front-runners, FanDuel and DraftKings, were responsible for a healthy majority of the market, about 68%.
NY Mobile Sports Betting, March 7-13
Caesars & BetMGM Trail Top 2
The No. 3 and No. 4 operators, by handle, were Caesars and BetMGM respectively, according to the New York State Gaming Commission. The Caesars handle was about $66.9 million and Bet MGM’s handle was about 45.5 million.
Collectively, the handles of FanDuel, DraftKings, Caesars and BetMGM accounted for more than 94% of the market for the week.
The other online operators in New York are BetRivers, PointsBet, WynnBet and Resorts World.
A development that bears watching is how Caesars performs in coming weeks, especially with March Madness wagering expected to boost the entire market.
As the New York online market opened, Caesars was among operators offering some of the more generous bonuses and promotions, plus it was on a TV advertising tear.
Cumulative NY Totals, Jan. 8-March 13
Overall, Caesars Still No. 2
Cumulatively, from the start of online sports gambling in New York (on Jan. 8), Caesars is No. 2 in total handle behind FanDuel. FanDuel’s handle from NY online inception is $1.39 billion and Caesars is at $1.08 billion.
A bright spot for Caesars New York was its gross gaming revenue as a percentage of handle. With a GGR of $7.6 million for the week, its revenue for March 7-13 represented 11.4% of its handle. FanDuel had $17.5 million in weekly GGR for about 10.1% of handle. And DraftKings’ GGR of $8.3 million was 8% of its handle.
For context, all New York online sports wagering operators since the launch of mobile sports betting in early January have had a cumulative handle of $3.9 billion and a GGR of about $275 million, or about 7% of the handle. New York has a 51% tax rate and the state has collected about $140 million in taxes.
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