FanDuel Sportsbook, the mobile NY sports betting market share leader, is now an official sports betting partner of the New York Yankees.
The two announced the expanded multi-year agreement Monday morning. Along with the use of Yankees trademarks for New York sports betting, FanDuel will have premium VIP accommodations at Yankee Stadium, integrated signage in right field and rotating ads behind home plate.
“There is no more globally recognized sports brand than the New York Yankees, and as a New York-based company we’re delighted to remain partners with our hometown team,” said Mike Raffensperger, chief marketing officer at FanDuel. “One of our company values is to be absurdly fan-focused and there is no fanbase more passionate about their team than Yankees fans which makes this a natural fit.”
FanDuel clear favorite in NY sports betting
After about three and a half months, the numbers show New Yorkers prefer to bet with FanDuel more than others to date:
| Handle | Revenue | Hold | Taxes | |
|---|---|---|---|---|
| FanDuel | $2,099,363,763 | $143,870,485 | 6.9% | $73,373,947 |
| DraftKings | $1,375,061,802 | $92,710,814 | 6.7% | $47,282,515 |
| Caesars | $1,348,414,397 | $106,701,546 | 7.9% | $54,417,788 |
| BetMGM | $495,395,805 | $14,849,801 | 3.0% | $7,573,399 |
| PointsBet | $164,913,843 | $9,063,970 | 5.5% | $4,622,625 |
| BetRivers | $133,067,435 | $5,584,009 | 4.2% | $2,847,845 |
| WynnBET | $19,916,682 | $2,335,115 | 11.7% | $1,190,909 |
| Resorts World Bet | $7,381,658 | $767,888 | 10.4% | $391,622.88 |
| Total | $5,643,515,385 | $375,883,628 | 6.7% | $191,700,650 |
Those numbers shake out to a 37.2% handle share and 38.3% revenue share for FanDuel since mobile sports betting launched Jan. 8. FanDuel leads DraftKings by 12.8 percentage points in handle share and Caesars Sportsbook by 9.9 percentage points in revenue share.
Is Mets partnership already helping Caesars?
Caesars Sportsbook is now the third operator in terms of handle after starting the market as the leader. Week-over-week results show a bit of an uptick, though:
| Handle | Revenue | Hold | Taxes | |
|---|---|---|---|---|
| FanDuel | $131,793,069 | $22,081,850 | 16.8% | $11,261,744 |
| DraftKings | $72,108,528 | $5,785,438 | 8.0% | $2,950,573 |
| Caesars | $49,871,012 | $3,354,559 | 6.7% | $1,710,825 |
| BetMGM | $31,008,404 | $1,142,063 | 3.7% | $582,452 |
| PointsBet | $17,768,556 | $363,905 | 2.0% | $185,592 |
| BetRivers | $7,544,834 | $236,575 | 3.1% | $120,653 |
| WynnBET | $2,023,914 | $92,772 | 4.6% | $47,314 |
| Resorts World Bet | $1,074,522 | $160,730 | 15.0% | $81,972.30 |
| Total | $313,192,839 | $33,217,892 | 10.6% | $16,941,125 |
The brand had a 15.9% handle share for the week ending April 17. That is up from a 14.7% handle share in the week ending April 10. The gain is even more noteworthy since handle fell 6.7% in the week ending April 17 compared to the prior week.
Caesars is an official sports betting partner of the New York Mets, which hosted its first three home games of the year April 15-17. Since New York reports weekly, it will be interesting to track how the brands with team sponsorships do when their teams are home and giving the brands additional exposure.
Mobile NY sports betting close to $200M in taxes
There are still 13 days to account for in April. If revenue tracks as it has over the first 17 days, the state should pass $200 million in mobile sports betting taxes since launch this month:
| Handle | Revenue | Hold | Taxes | |
|---|---|---|---|---|
| FanDuel | $335,655,060 | $31,410,240 | 9.4% | $16,019,222 |
| DraftKings | $202,740,727 | $5,291,356 | 2.6% | $2,698,592 |
| Caesars | $125,124,747 | $3,083,070 | 2.5% | $1,572,366 |
| BetMGM | $88,399,764 | $1,926,782 | 2.2% | $982,659 |
| PointsBet | $49,176,859 | $1,111,763 | 2.3% | $566,999 |
| BetRivers | $21,219,242 | $1,076,314 | 5.1% | $548,920 |
| WynnBET | $4,934,706 | $174,498 | 3.5% | $88,994 |
| Resorts World Bet | $2,242,625 | $168,397 | 7.5% | $85,882.47 |
| Total | $829,493,730 | $44,242,420 | 5.3% | $22,563,634 |
Compared to other states, topping $200 million in taxes is impressive in under four months. Of course, it is not quite apples to apples considering New York’s population and its 51% tax rate.
Still, only New Jersey and Pennsylvania have brought in more tax dollars since June 2018, the first full month after PASPA fell. It took New Jersey sportsbooks three and a half years to hit the milestone at a mixed tax rate of 13% for online bets and 8.5% for retail. PA sportsbooks, taxed at 36%, hit the mark in just over three years.
