Caesars Sports Bettors Beat The House Last Week In New York

In a solid week for statewide betting handle, Caesars' mobile sportsbook finished in the red
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New York mobile sportsbooks took $265.6 million in wagers for the week ending June 19, a slight uptick from the previous week’s all-time low in the 5½ months since sports betting was legalized in the state.

Generally speaking, weekly volume has been lower in the final weeks of spring, as sports gamblers settle into wagering on baseball and what’s left of the Stanley Cup playoffs while the NBA enters its offseason and NFL fans are still a few months away from having games to bet on.

According to numbers released by the state gaming commission Friday, the state’s eight licensed operators combined for $13.9 million in gross gaming revenue (GGR), good for a hold rate — or loss rate for the state’s bettors — of 5.2%. To put it another way, it was a relatively strong week for New York sports gamblers and a weak one for the sportsbooks. And that’s especially true for one sportsbook in particular, as Caesars ended the week in the red by nearly a million dollars.

FanDuel still on top

New York’s top operator by volume, FanDuel, took $124.9 million in bets last week with GGR of $12.4 million. DraftKings took $65.6 million in bets with GGR of $1.1 million for a hold rate of just 1.7%. And Caesars took $38.2 million in wagers and lost $962,000. It was the first week of negative GGR for Caesars since launch.

The other five mobile operators in New York split $36.9 million in wagers and GGR of $1.3 million.

From the Jan. 8 launch through the week of April 24, New York bettors produced at least $300 million in handle every full week reported by the gaming commission. But New York has reached that volume of sports betting just once in the last eight weeks.

Despite the all-time low volume of $248 million the week ending June 12, that week had been more profitable for the sportsbooks, which grossed $21.7 million in gaming revenue.

Overall, New York stands apart as the top sports betting state in the country, with a total handle of $8.2 billion in mobile bets this year.

Photo: Shutterstock

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