Get 125% / $2,500 on 1st deposit!
New players only. Exclusive Welcome Bonus of up to $2,500
In October, New York’s legal online sports betting operators had a historic month, becoming the first American market to produce a handle exceeding $2 billion on a monthly basis. The NFL, college football, NHL, NBA, and MLB were among the major sports leagues that came together to fuel a spike in betting activity.
Giants of the business FanDuel and DraftKings led the way, taking in an incredible 77% of all bets placed in the Empire State. The two sportsbooks were crucial in driving the monthly handle to previously unheard-of levels. This accomplishment comes after New York’s January 2023 record of $1.79 billion.
October saw a notable 17.6% month-over-month rise in handling, amounting to a record-breaking $2 billion. The state’s previous record of $165.6 million established in September was surpassed by the total gaming revenue of $166.3 million for the month. But in October, the hold rate dropped to 8.3% from the 9.5% recorded in the prior month.
The 51% tax rate brought in $84.8 million for the state, matching the amount of money brought in in September.
In October, FanDuel reached incredible records, with $891.9 million in volume and $83.1 million in revenue. FanDuel’s supremacy in the online sports betting industry was established by these numbers, which broke records for the Empire State.
In the meantime, DraftKings saw a little decrease in their handle month over month, falling 8.1% to $652.3 million. In addition, revenue dropped by 3.5% from September.
With a handle of $193.2 million in October, Caesars clinched the third spot, its greatest showing since March. With a month-over-month increase of 128%, BetRivers achieved the fourth-highest handle of $114.1 million. A number of other providers reported gains in handling month over month, including BetMGM, PointsBet, Resorts World Bet, WynnBet, and BetRivers.
Even though New York’s weekly handle fell by 9.3% in the week that ended on November 5, the Empire State has been having lucrative weeks, with wagers exceeding $400 million for eight of the last nine weeks. Operator revenue increased by 34.8% despite the weekly handle declining. FanDuel continued to lead with a handle of more over $200 million for the second week in a row.