FanDuel Dominating New York Sports Betting
The state of New York has some of the biggest names in sports betting accepting wagers, but FanDuel continues to see most of the action. FanDuel set new records for online market share and revenue share based on the latest report from the New York State Gaming Commission.
FanDuel accepted 47% of all of the wagers for the previous week in the state of New York, and it also brought in nearly 90% of the gross gaming revenue. The total gross gaming revenue for the state was $13.9 million, and FanDuel posted nearly $13 million of that total.
The total sports betting handle for the state actually increased by seven percent from the previous week, and that’s an encouraging sign for New York. This is the time of year when sports betting tends to fall off, but bettors were betting on the NBA Finals in the state of New York.
New York continues to post record-setting numbers when it comes to monthly handle and revenue, but the rest of the operators can’t catch up to the leader. Since online sports betting first began on January 8, FanDuel has accepted over $3.2 billion in wagers and posted a gross gaming revenue of $262.2 million.
DraftKings was second in both handle and revenue, but the hold rate at that sportsbook was just 1.6% for the previous week. Caesars Sportsbook had a terrible week in terms of revenue as that sportsbook actually lost money.
BallyBet Preparing For Launch
New York has had eight online sportsbooks in operation for months, but the ninth option still hasn’t gone live. That online sportsbook is BallyBet, and all signs point to a launch before the end of June.
BallyBet made it clear that it had no intentions of launching online sports betting in January as it didn’t have the product to compete with the other big names. Arizona was also a major priority to this company, but it is now ready to enter New York with a brand new mobile app for customers.
The top four sportsbooks of FanDuel, DraftKings, Caesars, and BetMGM have had control of over 90% of the online market share since January 8, but BallyBet could start to chip away at some of those numbers.
Online Casino Bill Stalls
With the massive success of online sports betting in New York, lawmakers are now working to try and get an online casino bill passed in the state. There was some early optimism among legislators, but things have started to hit a snag, and there has been some opposition.
The fear of gambling addiction has been mentioned by opponents to any online casino bill, and that’s been a worry in other states as well. Senator Joseph Addabbo included funds to fight gambling addiction in his initial bill, but it’s not going to be passed until 2023 at the earliest.
Launching online casinos in New York will not take much effort as most of the top online sportsbooks already offer these options in other parts of the country.