ESPN Bet Gains $3 Million in Wagers During New York Debut

ESPN Bet, the latest entrant into New York’s mobile sports betting market, ed a notable start with a $3 million handle during its initial three days, according to the New York State Gaming Commission’s latest reports. The platform, which began accepting wagers just in time for the NFL and college football weekends, closed the week of September 29 among the top ten mobile sportsbooks in the state.

Backed by Penn Entertainment, ESPN Bet acquired WynnBet’s operating license in early 2024, completing a $25 million deal that set the stage for its New York entry. Originally scheduled to go live at the start of the NFL season, the launch faced regulatory delays, with final approval granted by the NYSGC only days before its debut.

New York’s Betting Surge Continues

The introduction of ESPN Bet coincided with a robust week in New York sports betting. State operators collectively sured the half-billion-dollar mark, achieving a handle of $516.8 million by week’s end—an increase of over 7.6% compared to the previous week. With a collective gross revenue of $52.7 million, operators recorded their fourth-highest week for 2024, buoyed by a 10.2% overall hold rate, slightly up from the previous week’s 9.1%.

This recent week marked only the eighth time in 143 weeks that New York’s handle exceeded $500 million and the first instance since mid-May. Compared to Week 4 of the 2023 NFL season, the handle grew by 10.2%, reflecting the continued expansion of sports betting in the state.

FanDuel regained its lead in handle for the week, narrowly outpacing DraftKings by accepting $198.2 million in bets. FanDuel’s 12.2% hold brought in $24.2 million in revenue—a 26% week-over-week increase. DraftKings followed closely with a handle of $196.3 million, reaching its second-highest total in New York and marking four consecutive weeks of at least $180 million. DraftKings’ 8.9% hold yielded $17.4 million in revenue, showing consistency with the previous week.

The two platforms dominated the New York market, together ing for 76% of the week’s handle. These results underscored their continued competition as leading sportsbooks in the state’s flourishing market.

BetMGM and Caesars performed solidly, each securing multi-million-dollar revenues. BetMGM achieved a 10.5% hold, generating $3.5 million on a handle of $32.9 million, while Caesars notched a slightly higher 10.9% hold, securing $3.8 million in revenue. Meanwhile, Fanatics Sportsbook had a record handle for the third consecutive week but struggled with a low 5.8% hold, resulting in $2.3 million in revenue. Over the last three weeks, Fanatics has accepted a total of $107.2 million in bets but maintained a modest 6.1% win rate.

Among smaller operators, BetRivers recorded a 10.1% hold on an $8.9 million handle, resulting in close to $900,000 in revenue. This week marked BetRivers’ sixth consecutive week with a double-digit hold.

Resorts World and Bally Bet Post High Hold Rates

Resorts World and Bally Bet, the two smallest sportsbooks in the Empire State, reported high hold rates. Resorts World achieved a 15.2% hold, bringing in $213,583 in revenue, its 14th time suring $200,000 in a week. Bally Bet, meanwhile, generated $313,138 in revenue with a 13.7% hold, marking its second-best week to date. Over the last five weeks, Bally Bet has collected over $1.2 million, a significant growth trajectory for the operator in a highly competitive market.

ESPN Bet’s successful entry into New York’s competitive sports betting market reflects the continued growth of online betting in the state. With major players like FanDuel and DraftKings maintaining a dominant hold and smaller operators achieving high weekly wins, the market landscape is robust, benefiting both new and established platforms alike.

Source:

”ESPN Bet collects $3M handle in New York mobile debut”, cdcgaming.com, October 06, 2024.