New York Becomes First US State to Hit $2 Billion in Monthly Sports Betting Handle

The sports wagering report from the New York Gaming Commission discloses that the state handled over $2 billion in mobile sports bets in October, establishing a new record. This achievement positions the Empire State as the first in the United States to reach this milestone.

The state witnessed a 14.2% increase from its reported September handle of $1.76 billion. Additionally, the October handle demonstrated a substantial 30.5% growth compared to the corresponding month in the previous year.

In October, the state achieved a new pinnacle in sports betting revenue, reaching $166.3 million and marking a significant 14.1% increase compared to the revenue recorded in Oct. 2022. This surpassed the previous record set in September, where $165.5 million was generated, establishing a new monthly high for the state.

The state launched mobile sports betting in Jan. 2022, garnering $16.4 billion in sports betting handle during the last fiscal year. The ongoing fiscal year, starting in April 2023, is poised to surpass the previous year’s record, with the total sports betting handle reaching $9.9 billion to date.

In just seven months, the cumulative gross gaming revenue for the state is on the verge of reaching a $1 billion, currently standing at $930.1 million. This reflects a substantial increase of $281.5 million compared to the corresponding period in the previous fiscal year, attaining a growth of 43.4% from $648.6 million.

FanDuel Maintains Dominance in New York

FanDuel maintains its stronghold in the New York sports betting landscape, emerging as the market leader during October. Out of the $2 billion total sports betting handle for the month, FanDuel contributed $891.9 million.

The sportsbook experienced a 46.4% jump in mobile wagers when compared to Oct. 2022, reporting $83.1 million in gross gaming revenue — constituting half of the state’s total GGR.

DraftKings once again placed second with a handle of $652.3 million, marking a 22% increase from the total wagers of $534.6 million in the corresponding month of the previous year. The sportsbook reported a revenue of $59.3 million, reflecting a 44.3% growth compared to Oct. 2022, albeit a slight decrease of 3.5% from its Sept. 2023 figure of $61.4 million.

Caesars witnessed a total of $193.2 million in wagers placed, leading to a revenue of $10.9 million. In contrast, BetMGM contributed $114.2 million in total bets with a revenue of $3.3 million.

PointsBet disclosed a sports betting handle of $27.6 million, yielding a revenue of $1.3 million. The sportsbook’s presence in the state is nearing its end, as the operator is expected to cease operations in the coming months. This transition is attributed to the complete acquisition of PointsBet US by Fanatics, affecting multiple markets, including New York.

In the same period, Wynn Interactive handled $12.3 million, yielding a gross gaming revenue of $313,362 — a 16.9% decrease from September’s revenue of $366,842. Resorts World Bet, with a handle less than Wynn at $7.7 million, outperformed in revenue, reaching $894,039.

On the other hand, BallyBet is the sole licensed sportsbook that did not contribute to the state’s sports betting handle. The operator ceased accepting wagers temporarily in June to focus on essential adjustments to its offerings.

About the Author
Tebearau Egbe

Tebearau Egbe

Tebearau Egbe is a seasoned gambling writer with more than four years of experience. Armed with a Masters degree in philosophy, Egbe possesses a unique ability to dissect complex industry developments, distilling them into insightful narratives that captivate readers.

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