In the week that the bet boosting FIFA World Cup kicked-off and the New York Knicks won the NBA Final for the first time in half a century, the Empire State’s eight sportsbooks have surprisingly reported combined losses of US$48.5 million (£36.6m) on a handle of US$587.6 million (£443.8m).
And early results suggest World Cup Week One has been a disastrous own goal for New York’s bookies, who seem to have over-stretched by leaning too heavily on bonuses and acquisition offers to attract first-time bettors.
The figures, published by the New York Gaming Commission, cover the week ending June 14 and include both the NBA Finals on June 13, where the Knicks won the Larry O’Brien Championship Trophy for the first time in 53-years, and the first four days of the FIFA 2026 World Cup, where matches are being hosted at the New York New Jersey stadium.
First Time Losses:
This is the first time New York state sportsbooks have posted losses since the market launched in January 2022.
Ranked by losses, the biggest came from U.S. market leaders Flutter Entertainment’s FanDuel, with a handle of US$220.8 million (£166.8m) and losses of US$22.5 million (£16.9m); and Massachusetts-based DraftKings, which recorded a handle of US$195.6 million (£147.7m) and losses of US$14 million (£10.5m).
Also in negative territory were Fanatics, handle US$67.3 million (£50.8m), losses US$5.8 million (£4.3m); Caesars, handle US$37.4 million (£28.2m), losses US$3.7 million (£2.8m); BetMGM, handle US$44.7 million (£33.8m), losses US$2.4 million (£1.8m); Resorts World Bet, handle US$24,386 (£18,422), losses US$14,104 (£10,655) and theScore Bet, handle US$8.7 million (£6.6m), losses US$13,412 (£10,132).
Only two operators finished the week in positive territory: Bally Bet, with a handle of US$2.8 million (£2.1m) and revenue of US$104,046 (£78,605), and Rush Street Interactive (RSI), with a handle of US$9.9 million (£7.5m) and revenue of US$41,379 (£31,262).
Hold Rate
Despite Bally Bet and RSI making a profit, their hold rates were well below New York’s usual average, which hovers between nine and 10 percent. BallyBet came in at 3.61 percent and RSI at 0.42 percent.
Hold rate is a key metric as it is considered a real-time measurement of profitability, reflecting how much of the betting handle a sportsbook retains after payouts.
Here’s how the other operators performed:
- FanDuel: -10.2 percent
- DraftKings: -7.2 percent
- Fanatics: -8.62 percent
- Caesars: -9.89 percent
- BetMGM: -5.37 percent
- theScore Bet: -0.15 percent
Tourism Tanking
It’s not just New York’s mobile sportsbooks feeling the World Cup strain.
New York will host the World Cup Final just across the river at New Jersey’s MetLife Stadium, which seats up to 82,500 spectators.
But early signs suggest the tournament has not yet delivered the tourism boost many had expected.
A May survey from the American Hotel and Lodging Association found that around two-thirds of New York hotels reported softer-than-expected bookings.
And preliminary data for June from the National Travel and Tourism Office has also confirmed international arrivals are down 3.4 percent, year-on-year.
Despite the early losses, operators will be hoping their aggressive bonussing strategy pays off through stronger customer retention as the tournament unfolds.
Watch this space!
