New York demonstrated yet again why it is the most lucrative online sports betting market in the nation, having posted over $2 billion in accepted wagers in September.
Football Sparks Handle Increase
The dog days of summer are a distant memory as the NFL and college football regular season commenced, sparking a furious month of betting in the Empire State. Long gone are the summer doldrums when Major League Baseball was the only game in town.
According to the New York Gaming Commission, September’s metrics revealed that New York bettors placed $2.07 billion in wagers, the fourth time that the handle eclipsed $2 billion and the third-largest handle since New York launched online sports betting in January 2022. Compared to last September, the handle increased 17.6%, and it was up a whopping 44.3% from August.
As for revenues, New York’s sports betting operators combined for $204.7 million, 23.6% higher than September 2023, on a hold of 9.9% and a 63.8% increase from the $125 million in revenues generated in August. It was the second-highest revenue total ever posted in New York, trailing only the $211.5 million collected in January. The state took 51% of the revenues, which translated to $104.4 million for the taxpayers of New York. The state of New York has now collected more than $750 million in tax revenues this year.
DraftKings Edges FanDuel in Handle
The jockeying for the top spot in New York continued with Boston-based DraftKings narrowly besting its archrival, FanDuel, with $788.3 million in accepted wagers while the latter reported $784.2 million. However, FanDuel’s higher hold of 12.5% equaled larger profits as Flutter Entertainment’s wildly popular subsidiary towered above all others with $98 million in revenues for the month.
Caesars copped third place in the ferociously competitive New York market with a $147.2 million handle producing revenues of $13 million. BetMGM came next with $143.8 million in total wagers, which netted the Las Vegas-based entity $10.3 million in revenues.
Fanatics was the only other operator to top $100 million in action, with $143.2 million generating revenue of $8.4 million.
BetRivers was far behind the leaders with a $43.4 million handle but topped $3 million in revenue for the third straight month with $3.5 million in profits. Bally Bet and Resorts World rounded out the field with $10.7 million and $6.6 million in their respective handles for September.
ESPN BET Launches in New York
ESPN BET was intent on launching before the NFL regular season kicked off on September 5th, but unanticipated delays due to regulatory approvals saw its full launch pushed back to September 27th.
During a second-quarter presentation to investors, the company stated, “Our upcoming launch in New York, subject to regulatory approvals, will meaningfully expand our digital footprint and further leverage ESPN’s unparalleled sports media reach.”
Only operating in New York for the final week in September, ESPN BET reported a $4 million handle, which delivered revenues of $103,273 on a sparse 2.6% hold.
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