Sports Betting Operators in New York Generate Historic $2 Billion Handle in October
Wagering was up 33% year-over-year in the Empire State.
October turned out to be quite the historic month for New York’s eight online legal sports betting operators.
The Empire State set a new record and became the first U.S. market to generate a monthly handle of $2 billion. The historical figure was fueled by the NFL, college football, NHL, NBA, and MLB all colliding in the same month.
FanDuel and DraftKings had a lot to do with that. Two of the most recognizable sportsbooks in the industry combined to take in 77% of the total wagers placed in the Empire State, which went live in January 2022. The previous high in New York was $1.79 billion set in January 2023.
The Empire State’s October handle was up 17.6% month-over-month. The month's gross gaming revenue of $166.3 million surpassed September's $165.6 million state-best record at the time. The hold of 8.3% in October was also down from the 9.5% in the previous month.
The state hauled in $84.8 million from the 51% tax rate, which was on par with September’s pull.
FanDuel sets new marks
FanDuel set a mark with an October handle of $891.9 million and revenue of $83.1 million, marking the most in the Empire State for a single month.
Meanwhile, DraftKings saw its month-over-month handle fall by 8.1% to $652.3 million, while revenue dropped 3.5% from September.
Caesars finished third for the month with a handle of $193.2 million, its best since March. BetRivers jumped 128% month-over-month to produce the fourth-highest handle of $114.1 million.
BetMGM, PointsBet, Resorts World Bet, WynnBet, and BetRivers also all saw month-over-month handle increases.
Weekly handle falls to start November
For the first time in a month, New York’s weekly handle actually dropped. The Empire State ended October and began November with a 9.3% fall in wagers in the period ending Nov. 5. The $478.1 million handle marks the eighth time in nine weeks that New York has gone over $400 million in wagers.
It was still a successful week for operators as revenue rose 34.8% to $37.8 million. FanDuel continued its dominant run in New York with a second-consecutive handle of over $200 million for the first time in the state’s history.
FanDuel’s $215.3 million handle for the week also overshadowed DraftKings, which took in $159.5 million and produced revenue of $10 million which was half of its rival.
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