New York recorded a new high for sports betting monthly handle in October, but bettors significantly hampered operator revenue with strong customer winning.
The New York Gaming Commission reported that $2.3 billion was wagered in October, up 15.7% year-over-year and the fifth handle of more than $2 billion since wagering went live in the Empire State in January 2022.
The amount wagered rose 12% compared to September, which also generated more than $2 billion.
However, nine online sports betting operators combined for $176.3 million in revenue, up 6% year-over-year but down 13.9% from September. The hold fell more than two points from the previous month to 7.6% in October.
Bettors more than held their own behind a lack of NFL upsets, sportsbooks got hammered for two consecutive weekends during the month. That led to a combined operator win rate under 5% in the week ending Oct. 13 and below 2% the following week, the lowest non-Super Bowl week hold ever in New York.
The lack of revenue came during an especially high-volume month. With the NFL and college football going strong, New York bettors also wagered on the Yankees in the World Series and the beginning of the NBA season.
The 51% tax rate on sportsbook gross revenue filled New York’s coffers with $89.9 million in October, down from the $104.4 million recorded in September.
Slow start for ESPN BET
ESPN BET’s first full month of operating in New York produced modest numbers. The PENN Entertainment platform finished seventh among all operators with an October handle of $40.8 million and gross revenue of $3.2 million.
BetRivers was just slightly ahead of ESPN BET, reporting $45.8 million in wagers and $3.5 million in gross revenue. Still, the New York sports betting newcomer with a big brand name has a long way to go to start cutting into the market share of the more established sportsbooks.
ESPN BET only finished ahead of Bally Bet and Resorts World Bet, which combined for about $18 million in handle. Since going live the last weekend of September, ESPN BET has generated $44.8 million in wagers and produced $3.34 million in revenue.
FanDuel handle rises 15%
| Operator | October Handle | Gross Revenue |
|---|---|---|
| FanDuel | $907.6 million | $77.3 million |
| DraftKings | $813.7 million | $58.9 million |
| Fanatics Sportsbook | $178.4 million | $12.4 million |
| BetMGM | $161.3 million | $9.5 million |
| Caesars | $155.1 million | $10.9 million |
| BetRivers | $45.8 million | $3.5 million |
The increased October sports volume helped FanDuel generate $907.6 million of wagers, up 15.7% month-over-month and 1.7% year-over-year. It’s just the second month an online operator has gone over $900 million in New York, and the amount wagered in October is second all-time behind FanDuel’s $925.4 million generated in November 2023.
Revenue plummeted from $98 million in September to $77.3 million in October behind an 8.5% hold that marked just the third monthly win rate below 10% in 2024.
DraftKings took in $813.7 million, its highest mark ever in New York, but a hold of 7.4% led to $58.9 million in revenue. That marks the sixth month DraftKings has produced at least $50 million in profits year-to-date.
Behind an historic wagering month for Fanatics Sportsbook, the online operator that replaced PointsBet in February recorded a $178.4 million handle, the most ever for either platform. That led to a third-place finish in handle, ahead of BetMGM and Caesars, for the month.
BetMGM generated $161.3 million while Caesars took in $155.1 million. Both recorded win rates below 7%.
Not a great start
The start of November didn’t produce very different results than October. During the week ending Nov. 3, New York’s online sports betting operators recorded $558.4 million, the third consecutive period over $500 million and a week-over-week handle increase of 3.1%.
However, the hold stayed below double digits as the 9.4% win rate led to $52.3 million in revenue, down 10.1% week-over-week.
FanDuel’s revenue was up $3 million from the previous week to $26.9 million while the handle fell from $240.5 million to $230.9 million during the week ending Nov. 3. DraftKings generated the second-most wagers for the week with a $183.3 million handle.
The online operator was one of seven sportsbooks to see a week-over-week decrease in revenue.
