FanDuel, a prominent force in digital sports betting, has hit an impressive milestone by surpassing $2 billion in mobile sports betting revenue in New York. The New York State Gaming Commission reported this significant achievement for the week ending July 21, reflecting FanDuel’s commanding presence in the state’s sports betting arena.
FanDuel has significantly bolstered New York’s sports betting revenue, contributing a remarkable 50.4% of the $4 billion generated by the state’s nine sports betting apps. Despite witnessing a 26.1% decline in total betting handle for the week ending July 21, FanDuel’s performance remained robust. The company reported $11.2 million in mobile gross sports betting revenue, solidifying its dominant position in the market.
FanDuel’s consistent success is evident through its 11-week streak of double-digit holds and over $10 million in revenue for 23 consecutive weeks. The company’s 12.9% win rate on an $86.8 million handle in the latest week underscores its financial strength and market dominance in New York.
Key performance highlights
- 11-week streak of double-digit holds;
- 23 consecutive weeks with over $10 million in revenue;
- 12.9% win rate on an $86.8 million handle in the latest week;
Weekly revenue breakdown
| Week | Handle ($) | Win Rate (%) | Revenue ($) |
|---|---|---|---|
| Week 1 | 85.2M | 12.5 | 10.6M |
| Week 2 | 87.3M | 13.0 | 11.3M |
| Latest Week | 86.8M | 12.9 | 11.2M |
New York sports betting industry reports positive growth
The broader sports betting industry in New York has shown significant growth, with all nine companies reporting positive gross earnings. Collectively, these companies have contributed approximately $12.8 million in taxes to the state.
Key players lead the way
Top industry players like DraftKings and Caesars have achieved notable milestones, further illustrating the sector’s robust growth and profitability.
FanDuel’s robust market standing: an investor’s dream
FanDuel’s robust market standing, strategic business maneuvers, and solid profit margins have piqued the interest of investors and analysts alike. Despite facing hurdles such as increased taxation in certain states, FanDuel’s parent company, Flutter Entertainment, has shown remarkable resilience and growth prospects.
Industry experts foresee continued success for FanDuel in the competitive sports betting landscape, highlighting it as a promising long-term investment opportunity.
