Caesars takes the lead in New York

The Empire State’s handle continues to astound.

Less than a month after mobile sports betting went live in New York State, and data has already emerged betraying the state’s uniqueness in the national market.

First is the extraordinary handle: $1.176bn in just the first three weeks which has led to $91.4m in revenue. On a week-over-week basis, handle has grown 33% and revenue has grown 24%. This has undoubtedly been the most impressive debut in American history.  

But there are other ways the Empire State is bucking the national trend. 

Its leading sportsbook, for instance, is Caesars. In terms of market share, it has an impressive 41.4% of handle and 45.6% of revenue. It is curious that Caesars has taken the lead in New York. In nearly every other state in the country, either FanDuel or DraftKings have the top spots.  

Caesars has chosen a fine state in which to be an aberration. Its revenue comes in at $41m over a $487m handle.  

Next in line have come the perennial giants: FanDuel is in the second-place spot ($360m in handle, $24.1m in revenue, for 30% and 26% market share respectively), DraftKings is in third ($265m handle, $21.7m revenue, 22% and 24% market share respectively). 

Other news from the third week of New York betting included the launch of BetMGM which, with its partner, the European operator Entain, generated 3.5% handle share and 2.75 revenue share.  

Other operators are vying for a piece of this massive pie. BetRivers and the recently-launched PointsBet are hoping to make their mark in a New York betting landscape that is due to become even more crowded as other operators like Bally’s pass the licensing process and become active.  

Cameron Saunders

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