FanDuel set a new weekly sports betting handle record in New York for the week ending Oct. 29, but revenue fell across the board for major outlets.
FanDuel set a new weekly sports betting handle record in New York for the week ending Oct. 29, but revenue fell across the board as the betting public held its own.All four major professional sports – MLB, NBA, NFL, and NHL – coinciding in the same week produced the second-highest weekly handle in New York legal sports betting history.
Throw in college football and other sports, it’s no surprise as New York has been trending with handle increases in each of the last three weeks with football in full swing and other sports getting going. However, operators didn’t make out huge, as bettors held their own to the tune of a 5.5% hold for sportsbooks. That produced revenue of $28.8 million, which was down 28% from the previous week.
The New York Giants and New York Jets playing each other likely played a role in the increased wagering. The favored Jets won a low-scoring, offensively sloppy showdown in overtime by a field goal. The line fluctuated between 3 and 3.5 for much of the week, so many bettors likely pushed, causing some of the disparity in handle vs. revenue.
The combined win rate for all New York operators fell more than 3 points as FanDuel’s weekly hold was cut in half; a double-digit win rate fell to 4.8%.
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