New York, DraftKings both report best sports betting week ever

New York, DraftKings both report best sports betting week ever
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Fueled by key playoff action for the New York Knicks and the New York Rangers, the Empire State reported more than $70 million in gross gaming revenue for the week ending May 12. That is an all-time record for mobile sports wagering in the state.

The New York Gaming Commission reported that New York sportsbooks took $70.9 million for the week ending May 12, beating the previous weekly record set in January of this year by nearly $4 million.

That total revenue for last week was taken from a handle of $532.3 million, the third-highest on record since New York introduced mobile sports betting and the first half-billion-dollar total since March. The $70.9 million revenue sum is more than half of the GGR the state’s sportsbooks made in the entirety of April.

For the state government and its 51% gaming tax rate, it brought in a huge $36 million in tax revenue in a single week, $2 million more than any other week on record.

DraftKings’ best week ever

It was also a record revenue week for DraftKings in the state, whose winnings amounted to more than half of the GGR total ($36.5 million) thanks to a sky-high 15.8% hold.

That is not only the sportsbook giants’ best week ever but the highest revenue total of any mobile sportsbook ever recorded in the Empire State. FanDuel previously held the record with $33.4 million for the week ending Jan. 14, $3 million less than DraftKings just took.

DraftKings has now recorded back-to-back weeks with at least $200 million in handle for the first time ever, having only ever broken that barrier once before doing so in the weeks ending May 5 and May 12.

All in all, five sportsbooks topped $1 million in New York revenue last week, with FanDuel, Caesars, BetMGM and Fanatics all doing so. BetRivers was very close to making that six sportsbooks, but fell less than $40,000 short of hitting seven digits, although its revenue skyrocketed by 470% compared to the previous week and its handle eclipsed $10 million.

Every single sportsbook except for Resorts World Bet saw a rise in weekly profits, as revenue jumped 207%.

As the Knicks twice failed to cover the spread against the Indiana Pacers in NBA playoff action, the 13.5% weekly hold was nearly nine points higher than the previous period.

FanDuel leads New York’s nine mobile sportsbooks all-time with nearly $18 billion in total handle since the state launched sports wagering, ahead of DraftKings at $14.5 billion. Caesars is third with $5.7 billion. That trio also takes the top three spots in all-time GGR in the state.