$2 Billion And Counting, NYC Sports Betting Hits All-Time High
The NYC sports betting scene has reached a new milestone with a record-breaking handle in October. The New York State Gaming Commission recently announced that the state hit an all-time high in online sports betting, with a staggering $2.32 billion wagered in a single month.
This surpasses all previous records, showcasing the immense popularity and growth of sports betting in the Empire State.
Why was there an all-time record?
October’s record-setting sports betting handle was largely driven by the ongoing NFL and college football seasons. Football remains the most popular sport for bettors, with games drawing massive engagement on various platforms.
The timing of the football season, combined with the MLB playoffs, created a perfect storm for sports betting, leading to a significant spike in wagers. The NYC sports betting market continues to dominate nationwide.
The state reached the $2 billion mark in handle for the fifth time since the launch of online betting in January 2022. The previous record was set in November 2023, with a $2.11 billion handle, showing a year-over-year growth of nearly 10%.
Is sports betting legal in NYC?
Sports betting is legal and the competition among New York’s sports betting apps is fierce. FanDuel continues to dominate, recording the highest handle of $907.6 million in October, followed by DraftKings with $813.7 million.
FanDuel also leads in revenue, pulling in $77.3 million, with a solid hold rate of 8.52%. Also, DraftKings wasn’t far behind, with $58.9 million in revenue and a 7.24% hold.
A newcomer making waves is Fanatics Sportsbook, which climbed to third place in October, surpassing Caesars. The Fanatics app reported a handle of $178.4 million and generated $12.4 million in revenue.
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The impact of the high tax rate in New York on sports betting
Despite the high betting volumes, New York’s 51% tax rate on online sports betting continues to impact overall revenue. In October, sportsbooks reported gross gaming revenue of $176.3 million, resulting in approximately $90 million in tax contributions to the state.
This tax rate is one of the highest in the country. So it has prompted ongoing discussions about its sustainability and impact on operators’ profitability.
Are New Yorkers betting more than ever?
October’s figures show a massive increase in the number of wagers placed by New Yorkers. This growth extends beyond the football season to multiple sports, including basketball, hockey, and baseball.
Also, with the NBA season kicking off and the NHL in full swing, experts anticipate that November could potentially set another record as the state gears up for more action-packed sports events.
What’s next for the New York sports betting market?
The future of NYC sports betting looks promising, with analysts predicting continued growth in the coming months. The introduction of new players like ESPN Bet is expected to increase competition, potentially driving more promotions and better odds for bettors.
Additionally, there are discussions around expanding the number of licensed operators in the state, which could further boost the market.
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