FanDuel grows its market share in the Empire State

It is gaining in both revenue and handle.

FanDuel is coming out ahead in the New York State regulated gaming market, according to information released by the state’s Gaming Commission and compiled by the data research company, Fantini.  

Since mobile betting went live on January 8, the gaming company has increasingly cut a lead for itself in terms of handle market share. Last week it amounted to 37.69%, up from the 36.54% seen the prior week. In total, its year-to-date share is 33.81%. 

Coming next in year-to-date share is Caesars with 29.83%, followed by DraftKings at 23.94%. 

Last week, FanDuel also had the highest revenue market share at 41.21%. This was followed by DraftKings at 29.05% and then Caesars at 15.92%. 

Caesars has also been a success story in New York, following a media blitz as mobile sports betting went live. As a result, it still maintains the highest year-to-date revenue market share of 38.47%. 

But FanDuel is indeed closing in on this. Just last week, it became the first sportsbook in the state to generate over $1bn in handle ($1.070bn, to be exact). 

Last week, New York generated $25.3m in revenue and $350m in handle. This was a very limited decline of 0.43% and 2.02% respectively from the week before.

Few markets have caused so much excitement (and money) as New York State, which is why developments in the market are gone over with a fine-tooth comb.  

In other news coming out of the Empire State, new legislation will require that the market becomes more crowded: from the nine there are now, there must be at least 14 operators by January 1, 2023, a number that goes up to 16 the following year. The tax rate – which currently stands at 51% – is due to go down as more competitors enter the fray. 

Cameron Saunders

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