FanDuel extends lead over Caesars and DraftKings as total New York betting handle approaches $4bn
Caesars Sportsbook, which took an early lead in the market thanks to the deployment of New York’s most generous introductory bonus offers, has since slipped to second position overall for both handle and GGR.
Examining the numbers week-by-week, however, Caesars handled just $66.9m in bets in the week ended 13 March, while DraftKings, which is still behind overall since the market’s launch date, handled $103.1m.
For the three weeks prior to that period, Caesars handled under $70m in bets each week, while DraftKings handled between $87.4m and $93.9m each week.
Caesars’ current handle and revenue levels are a far cry from its best ever week in the market, the seven days ending 23 January, during which it took $229.7m worth of bets. That figure still represents the most wagers handled by any single operator during one week in New York’s regulated sports betting market.With Caesars’ hold on the market starting to slip, it now appears DraftKings is poised to take over the number two spot for total wagers handled since launch – with Caesars’ taking $1.08bn worth of bets to date and DraftKings only slightly behind on $952.6m.
Caesars’ reduced market share is likely the result of a recent curtailing of its US marketing efforts, after CEO Tom Reeg claimed the brand had already surpassed its online gaming market share targets. Its lucrative sign-up offers have also dried out and there is sentiment in the market that the product is inferior to the sportsbooks offered by FanDuel and BetMGM, for example.
BetMGM is another operator managing to carve out a significant proportion of market share, generating $10.6m in GGR from $311.9m in wagers since joining the market two weeks after it launched.PointsBet and Rush Street Interactive (BetRivers) have handled $96.9m and $89.1m in bets respectively since launch, while Wynn Interactive and Resorts World Bet have handled just $9.6m and $2.2m, respectively.
Bally Bet is the only licensed brand yet to join the market, but said in January that it had no intention of launching in the state until April, calling the current levels of marketing and acquisition costs “insane”.
Overall, New York State’s legalised online sports betting market has generated $274.6m in revenue from $3.93bn in wagers between its January launch and 13 March, a period of around nine weeks.
These figures suggest average weekly handle in the state of $436.3m, giving an annual market value of approximately $23bn.