New York became the first state in the post-PASPA era to surpass $2 billion in monthly sports wagering handle after the New York State Gaming Commission reported Thursday that the state’s eight active mobile operators combined to clear the unprecedented amount by $6.8 million.
The final figure will be roughly $10 million to $15 million higher after the NYSGC releases October figures for the state’s four retail sportsbooks. The Empire State was able to crest $2 billion thanks to having five weeks of NFL action in October, which included a Week 8 clash between the New York Jets and New York Giants on Oct. 29.
The mobile handle alone means New York now has the top 14 monthly handles of the post-PASPA era nationwide. It outdistanced the previous overall mark of $1.8 billion in January, a month that also had five Sundays but only 14 games from Week 17 action prior to the NFL playoffs.
The state also has the chance to set a new state record for revenue for the second consecutive month, as mobile revenue totaled $166.3 million, resulting in a hold of 8.3%. The figure is currently $506,000 shy of the $166.8 million in combined winnings from mobile and retail sportsbooks in September.
New York’s coffers received $84.8 million in state taxes from mobile betting in October, lifting the overall amount for the year to $688.8 million. All-time mobile handle eclipsed $31 billion, and the $1.35 billion in operator revenue is $8.4 million away from surpassing the full-year 2022 total.
FanDuel returns to top of handle rankings
FanDuel set an all-time monthly handle record for any mobile operator in New York, accepting $891.9 million worth of wagers in October. That figure — which would be just outside the Top 50 of monthly state handles nationwide — demolished FanDuel’s previous high of $740.1 million in March while also making it the first mobile sportsbook to clear $800 million handle.
More impressively, FanDuel’s handle represented 44.4% of the overall mobile handle. It was the first time since May its mobile market share eclipsed 40%, and it was the online titan’s second-best market share in the Empire State behind the 45% attained in June 2022.
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FanDuel, though, did have a seven-month run of double-digit holds come to an end in October, as the 9.3% win rate resulted in $83.1 million worth of revenue, with the latter figure also marking an all-time monthly high for any operator. It still has a 10.8% hold for the 2023 calendar year, claiming $652.3 million in revenue from $6 billion handle.
DraftKings was unable to build on its all-time handle high of $710.5 million from September, but its $652.3 million is a strong No. 2 and was nearly one-third of all handle generated. DraftKings reported $59.3 million in revenue thanks to a hold of 9.1%.
BetRivers deserves some credit for pushing its all-time handle in the state over $2 billion. The sportsbook’s $114.2 million in accepted wagers last month was more than double its short-lived record of $50.1 million from September. That monstrous increase in handle did not translate to record revenue, however, as BetRivers had just a 2.9% hold to claim $3.3 million. For the week ending Oct. 22, BetRivers took its largest loss at $1.6 million from $42.2 million handle.
BetRivers’ big October handle was enough to pip fourth place from BetMGM ($107.6 million) among the eight active operators. Caesars claimed the final podium spot for handle with $193.2 million, but its modest 5.6% win rate resulted in $10.9 million in revenue — down 13.5% from September.
Other handle and revenue scoreboard notes
Resorts World had the highest hold among the eight mobile operators at 11.7%, contributing to a record revenue haul of $894,039 from $7.7 million handle. At the other end of the spectrum, WynnBET had the lowest win rate — 2.5% — as it kept $313,362 from $12.3 million worth of wagers.
PointsBet also failed to crack a 5% hold, finishing with $1.3 million in revenue from $27.6 million handle. The Fanatics-owned sportsbook eclipsed $250 million in handle for the calendar year, while its 6.2% win rate has resulted in $15.7 million worth of revenue.
The state’s ninth mobile sportsbook, Bally Bet, has been offline since July as it migrates its sports wagering platform to Kambi Sports as its odds provider.
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Author: John Sommers
John Sommers is a distinguished figure in the world of gambling expertise, known for his deep knowledge and insightful analysis of the gaming industry. As a seasoned author, he has contributed extensively to the reputable gambling news site, TwinCasinos, focusing on providing valuable insights to English-speaking gamblers worldwide. With a career spanning over a decade, John has honed his expertise in various aspects of gambling, from strategic gameplay to industry trends and regulatory developments. His articles are revered for their blend of comprehensive research, astute observations, and a knack for demystifying complex concepts for both novice and seasoned players. Beyond his writing prowess, John has established himself as a trusted authority, often sought after for his expert commentary on the ever-evolving landscape of the casino and betting industry. His passion for responsible gambling and commitment to ensuring players make informed choices are evident in his work, making him a beacon of integrity in an industry that demands such values. Whether you’re a casual gambler or a dedicated enthusiast, John Sommers’ contributions to TwinCasinos promise to be an invaluable resource for navigating the dynamic world of gambling.
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