New York Becomes First State to Surpass $2bn Betting Handle

Launched nearly two years ago, New York’s mobile sports betting market broke records for revenue and betting handle set by states that operated for years. Now, it became the first US state to surpass $2 billion in mobile betting handle for a single month, results released by the gambling regulator, the New York State Gaming Commission reveal.

The total sports wagering handle last month skyrocketed, hitting a staggering $2,006,823,408. In comparison, the betting handle reported a month earlier, in September, halted at $1.76 billion. Similarly, during the slower summer months, in August and July, the betting handle halted at $1.11 billion and $962.1 million respectively.

Undoubtedly, the NFL action last month impacted positively the results of New York’s licensed mobile betting operators. Considering the $2 billion betting handle, the Commission revealed that the mobile sports wagering gross gaming revenue (GGR) hit $166.3 million. This result, marked a slight increase when compared to the $165.6 million mobile betting GGR posted a month earlier in September.

The reported $166.3 million in mobile betting GGR breaks down to $81.5 million in net revenue for the platform providers. This result is on par with the figure $81.1 million figure posted in September. On the other hand, considering the state’s 51% tax on mobile sports betting, New York collected $84.8 million. It’s no surprise that this result is also in the same ballpark as the $84.4 million the state collected for the month of September.

Since the start of the Fiscal Year 2023/2024, New York has seen nearly $10 billion in sports wagering handle. The total mobile sports wagering GGR posted by licensed sportsbooks from April through October hit $930,143,481. From that total, sportsbooks collected $455.8 million, while the state’s share was $474.4 million.

FanDuel, DraftKings and Caesars Top the Chart for October

Last month, the leading betting operator, FanDuel, reported the highest betting handle. Overall, the sportsbook posted a handle of $891.9 million, a significant increase when compared to the $682.5 million result from September. Not unexpectedly, mobile GGR posted by FanDuel soared as well, hitting $83.1 million. From that total, the net revenue for the operator was $40.7 million, while the state’s share was $42.4 million.

DraftKings posted the second-highest result last month, reporting $652.3 million in betting handle. In October, the operator’s GGR was $59.3 million. From that total, the state’s share was $30.2 million, while DraftKings collected $29 million in proceeds.

Caesars Sportsbook posted the third-highest betting handle last month. The sportsbook confirmed it has seen $193.2 million in wagers for October, a $20 million increase from September. Last month, Caesars collected $5.3 million in net revenue, while the state’s share was $5.6 million.