In the state of New York, online sportsbooks have exceeded $2 billion in wagers in October, marking the highest total since the industry’s inception. The New York State Gaming Commission reported that the eight active online sports betting operators in the state generated a combined gross gaming revenue of $166.3 million in October, which resulted in $84.8 million in tax revenue for the state.
Since the launch of online sports betting in January 2022, there have only been three months when the mobile sports betting handle failed to break the $1 billion mark. October marked the first time in history that the handle exceeded $2 billion. In total, New Yorkers have wagered over $39.6 billion on sports since the industry’s launch, with $29.1 billion of that figure coming from mobile sportsbooks. This has resulted in over $1.3 billion in tax revenue for the state, and sports betting operators have generated $2.6 billion in revenue.
FanDuel and DraftKings emerged as the market leaders during October, collectively accepting more than $1.54 billion in wagers, accounting for 76.7% of the online sports betting market. The breakdown of operator handles and gross gaming revenues for October are as follows:
– DraftKings: $652.3 million in handle, $59.2 million in gross gaming revenue
– FanDuel: $891.9 million in handle, $83.1 million in gross gaming revenue
– Caesars: $193.2 million in handle, $10.8 million in gross gaming revenue
– BetMGM: $107.5 million in handle, $7.1 million in gross gaming revenue
– BetRivers: $114.1 million in handle, $3.3 million in gross gaming revenue
– PointsBet: $27.6 million in handle, $1.2 million in gross gaming revenue
– WynnBet: $12.3 million in handle, $313,362 in gross gaming revenue
– Resorts World Bet: $7.6 million in handle, $894,039 in gross gaming revenue
– Bally Bet: temporarily closed for sports betting platform migration to Kambi
It’s worth noting that this marked the first time in history that the handle reached the $2 billion threshold. The report also revealed that FanDuel and DraftKings emerged as the top players in the industry, collectively accounting for a significant portion of the market.
Overall, the latest figures from the New York State Gaming Commission indicate significant growth and success in the online sports betting industry in the state. As the industry continues to evolve, it is expected to continue to generate substantial tax revenue for the state and revenue for sports betting operators.
