BetMGM’s terrible, horrible, no good, very bad week in New York concluded in stunning fashion, as the betting app operator posted an all-time record loss of more than $9.6 million for the week ending Sunday, according to figures released Friday by the New York State Gaming Commission.
BetMGM had the worst Super Bowl of the nine digital operators in the Empire State, reporting payouts of $4.8 million above its $10.9 million worth of accepted bets for Kansas City’s 25-22 overtime victory over the San Francisco 49ers. Since the NYSGC does not disclose handle and revenue by sport, it is impossible to pinpoint where the other $4.8 million in losses from the remaining $20 million handle came from for the week, though it is possible multi-sport parlays could have contributed.
The staggering deficit nearly tripled the state’s prior record loss of $3.4 million set by DraftKings last September. BetMGM’s previous worst weekly loss was $1.8 million for the week ending April 2, which coincided with the NCAA Tournament Final Four and local favorite Connecticut winning its national semifinal game.
BetMGM’s loss, coupled with Caesars finishing the week with its worst all-time loss of $1.3 million, dragged New York’s overall revenue total to just $5.1 million, an all-time low in 110 weeks of mobile betting. The sub-1.1% hold is an also the lowest ever recorded. BetMGM’s loss was so large that the estimated tax revenue from the seven operators that posted positive revenue totals for the week was $3 million above the revenue total.