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New York just hit a new high point in online sports wagering. The New York Gaming Commission reported $2.64 billion in bets placed in October, powered by the overlap of NFL and college football, the MLB postseason, and the opening weeks of both the NBA and NHL seasons.
Good to Know
October saw betting volume rise more than 13% compared to the same month last year. It also increased over 15% from September. One late-October week even set a new weekly handle record. The mix of major sports running simultaneously created a surge in activity that rivaled the busiest periods since New York mobile wagering started.
Sportsbooks generated $238.7 million in gross revenue, which ranks among the top four months since the market launched. The statewide hold rate settled around 9%, up from 7.6% in October last year and higher than the previous two months. With the state’s 51% tax rate, New York collected $121.7 million in tax revenue for the month.
FanDuel became the first operator in New York to record more than $1 billion in wagers during a single month. The operator also produced over $100 million in gross revenue as it held around 10% of all wagers.
DraftKings was not far behind, taking in about $938 million in bets. That marked DraftKings biggest betting month in the state to date and led to nearly $83 million in gross revenue at an 8.8% hold.
Fanatics Sportsbook came in third, handling roughly $205 million in wagers and keeping just over 9%. BetMGM followed with around $187 million in bets, while Caesars generated about $176 million. Both BetMGM and Caesars ended the month with hold rates just under 8%.
ESPN BET reached its highest handle in New York so far with $60.3 million in wagers. However, the platform will soon transition to theScore after PENN announced the ESPN partnership will end in December.
BetRivers posted about $53 million in handle and recorded more gross revenue than ESPN BET during the month. Bally Bet also set a new personal high with $16.6 million wagered and cleared $1 million in monthly profits for only the second time this year.
Multiple major sports were active at the same time, increasing daily wagering volume.
It is the first time a single operator in New York has reached that level in one month.
The state taxes operator revenue at 51%, one of the highest rates nationwide.
Leaders like FanDuel and DraftKings drove most of the gains, while others varied.
NFL and NBA season depth usually supports strong winter betting activity.