Fanatics Sportsbook Has Up-and-Down First Two Weeks in New York

Nov 1, 2023; New York, New York, USA; New York Knicks guard Jalen Brunson (11) controls the ball against Cleveland Cavaliers guard Donovan Mitchell (45) during the fourth quarter at Madison Square Garden. Mandatory Credit: Brad Penner-USA TODAY SportsFanatics Sportsbook launched in New York in late FebruaryThe sportsbook made more than $10.1 million during its first half-week of operationThe sportsbook plateaued in its second week

The Fanatics Sportsbook had an up and down debut in the Empire State after transitioning from PointsBet in late February.

The operator officially launched in New York on Thursday, Feb. 29, and reported $10.1 million in gross gaming revenue during its first half-week of operation, its highest ever total since PointsBet launched in the state in January 2022.

However, for its first full week of operation ending March 10, Fanatics Sportsbook only reported a little more than $812,000 in revenue.

Fanatics Debuts, ESPN BET on its Way

The New York State Gaming Commission reported $437,140,657 million in online sports betting handle for the week ending March 10 and more than $36.9 million in gross gaming revenue.

For its first full week of operation, Fanatics Sportsbook reported $11,963,873 in online sports betting handle and just $812,439 in gross gaming revenue. Both its handle and gross gaming revenue totals decreased from the prior week totals of $27.3 million and $10.1 million, respectively.

FanDuel again took the top spot in the state, reporting $184.78 million in online sports betting handle and more than $16.4 million in gross gaming revenue for the week. DraftKings totaled $146.5 million in handle and $13 million in gross gaming revenue.

The New York State Gaming Commission releases handle and revenue reports for its nine NY sports betting apps, Caesars Sportsbook, DraftKings Sportsbook, FanDuel, BetMGM, WynnBET, Fanatics Sportsbook, Bally Bet, Resorts World Bet, and BetRivers, at the conclusion of each week.

Here are the handle breakdowns for the nine sportsbooks for the week ending March 10:

FanDuel NY: $184,786,638DraftKings NY: $146,538,194Caesars Sportsbook NY: $44,053,739BetMGM NY: $31,744,125BetRivers: $12,731,321Fanatics Sportsbook: $11,963,873WynnBET: $2,100,329Resorts World: $2,240,502Bally Bet: $1,764,992

ESPN BET is slated to come to New York after securing market access through a $25 million deal for WSI US, LLC, from Wynn Interactive Holdings. WynnBET is still operating in the state and ESPN BET has yet to announce a transition date.

Here are the total handles for the nine sportsbooks since New York’s Jan. 8, 2022 launch. FanDuel is the only operator in the state to eclipse $16 billion in total handle so far.

FanDuel: $16,176,257,595DraftKings: $12,832,634,574Caesars: $5,355,144,652BetMGM: $2,875,567,118BetRivers: $1,144,637,142Fanatics Sportsbook: $874,451,053WynnBET: $225,702,090Resorts World: $148,135,341Bally Bet: $49,247,015

NY Sports Betting Revenues

For the week of March 10, the nine sportsbooks reported a total of $36,966,584 in gross gaming revenue. At New York’s 51% online sports betting tax rate, this resulted in $18,852,957 million in tax revenue.

Here are the total gross gaming revenues for the week:

FanDuel: $16,459,029DraftKings: $13,050,790Caesars: $3,335,701BetMGM: $2,310,712BetRivers: $841,929Fanatics Sportsbook: $812,439Resorts World: $148,006WynnBET: $18,698Bally Bet: ($10,720)

Here are the total gross gaming revenues since the Jan. 8, 2022 launch:

FanDuel: $1,664,542,840DraftKings: $1,068,292,379Caesars: $384,162,619BetMGM: $186,778,245BetRivers: $66,609,953Fanatics Sportsbook: $53,264,277WynnBET: $10,855,687Resorts World: $9,054,307Bally Bet: $2,067,911