Draftkings And Fanduel Battle For Control On NY Sports Betting Market
David Genge Published 14/09/2023
- Over $1 billion in sports bets in NY this August
- DraftKings takes the lead in betting handle
- FanDuel records higher revenues
DraftKings and FanDuel Battle for Control of NY Betting Market
The battle between DraftKings and FanDuel for supremacy in the New York betting market is showing no signs of slowing down. The rival sportsbooks have been trading places all summer, and August has been no different. This is because DraftKings edged ahead of FanDuel in terms of the total number of bets taken, while FanDuel actually had the edge in terms of its sports betting revenues.
FanDuel and DraftKings’ rivalry heats up in August 2023
Recently released figures from the New York State Gaming Commission have revealed that DraftKings and FanDuel managed to claim over 80% of all sports betting revenues in the Empire State in August 2023.
In top spot was FanDuel who managed to generate $41.9 million in sports betting revenues last month. This was enough to beat its close rival, DraftKings, who could only create $35.4 million during the same month.
It was a great result for FanDuel who managed to get a slight boost on its previous month’s revenues of $41.09 million. Conversely, DraftKings will be disappointed with its NY sports betting revenue that dropped from the $41.08 recorded in July.
What’s remarkable about this is the fact that DraftKings actually managed to accept more bets than FanDuel this August. This is because DraftKings took in 40% of all sports bets in New York last month with over $446.9 in online handle.
FanDuel had been leading DraftKings in terms of betting handle since June, but it could only take in 37% in the total number of bets taken in NY with just $409.1 million in sports betting handle.
More sportsbooks fighting for control of NY
While much of the attention has been focused on the war between FanDuel and DraftKings, Caesars has quietly been carving out a respectable market share in the Empire State. This is because Caesars took in $120 million in sports bets throughout August which helped it produce no less than $9.5 million in sports betting revenues.
There are eight legal sportsbooks currently operating in New York State, and other operators such as BetMGM and BetRivers have had to battle hard to get an adequate market share.
The battle for market share has proven to be too tough for PointsBet who has struggled to get a toehold nationwide. This has caused the Australian company’s US operations to be bought out by Fanatics, although it remains to be seen whether Fanatics will get the regulators approval to operate in New York. The decision is expected to be made later this month.
While WynnBet has been winding down operations in several other states, it is still currently active in New York. Bally Bet is temporarily offline, while the Resorts World Bet sportsbook is still operating with a tiny market share.
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The bigger picture of sports betting in New York
Above all, August proved to be yet another massive month for sports betting in New York State. This is because the state’s overall betting handle was pushed back above the $1 billion mark with $1.11 billion in sports bets taken for the whole month.
While July is a traditionally slow month for sports betting, it still was disappointing to only produce $962.1 million in sports bets taken and this marked the first time that the handle had dipped below the $1 million mark in an entire calendar year.
While August brought things back up with a 15% overall increase in the state’s betting handle, there was an actual revenue drop in the month compared to July. This is because August saw the Empire State’s sportsbooks creating just $98.5 million in betting revenues which is a fall of 65% compared to the $105.1 million in revenues recorded the previous month.
Such a decrease was also notable for the fact that it marked the first time in a year that state’s sportsbooks didn’t manage to hit the $109 million mark in terms of their sports betting revenues. Still, there was over $50.2 million created in sports betting taxes in New York in August, due to the state’s formidable 51% tax rate.
Conclusion - No letting up between the betting heavyweights
FanDuel and DraftKings are clearly two heavyweight brands who are desperate to cling onto the top spot of the biggest state for sports betting in the US. All summer long, the sportsbooks have been chasing bigger slices of the market share, and it looks like things aren’t going to quieten down any time soon. With the new NFL season just beginning, it can only be a good thing for sports betting fans in New York.