FanDuel continues its stay at the top of the New York sports betting industry having now taken more than $2 billion in revenue since it launched in the Empire State two and half years ago.
Though DraftKings is never far behind, the challenge to FanDuel for the rest of 2024 might just be in beating itself.
Posting double-digit hold rates for 11 weeks in a row, the next set of figures released by the New York State Gaming Commission could see FanDuel continue eclipsing records it has previously set.
Though FanDuel’s handle for the week ending July 21 dropped by 30% - an almost identical drop to the dollars taken by all nine of New York’s digital sportsbooks - the Flutter brand still achieved more revenue that week than the next best twosome of DraftKings and BetMGM added together.
FanDuel isn’t the only sportsbook to enjoy spells of high hold rates either, though it is the most consistent.
Relative newcomer Fanatics is proving adept at challenging FanDuel for retaining the amount wagered with it after winnings are paid out. Fanatics have hit hold rates above 10% in eight weeks from the last 10. Fanatics set a record of its own in the week ending July 14 with a hold rate of 17.6%, the highest in New York since FanDuel surpassed 18% in October of last year.
DraftKings, Caesars and BetMGM have continued their up-and-down hold rate streaks throughout the last few months. Caesars has achieved above 10% in five weeks of the year to date. DraftKings has gone north of 15% twice in 2024 but a high week has tended to be followed by a low one. Meanwhile, BetMGM’s average of just 6.2% this year tells its own story.
The other FanDuel headline of note as we reflect on July was it surging past $2 billion in revenue in the 133 weeks since mobile sports betting was legalized in New York.
Considering the total handle achieved for the entire New York sports betting market only surpassed $4 billion as June 2024 ended, FanDuel’s numbers show just how big a presence it is in the state.
Having broken half a billion dollars in revenue so far this year to July 31, continuing at this pace, FanDuel could clear $900 million in revenue for 2024. It surely couldn’t hit the golden figure of $1 billion held from wagers placed by the end of the year…could it?
