New York sportsbooks surge to $2.3bn in October handle
Below-average hold results in dip to $176m in revenue despite record wagering volume
New York sportsbooks saw record wagering activity in October, notching up $2.32bn in online handle, according to new data from the New York State Gaming Commission.
The handle figure, which eclipsed the previous all-time high of $2.1bn from November 2023, represented a 12% month-over-month (MOM) increase from September and marked the fifth time overall that monthly handle has surpassed the $2bn mark in the Empire State.
Revenue, however, was a different story as operators generated just $176.3m in gross gaming revenue (GGR), equating to a statewide 7.6% hold. Revenue was down 13.9% MOM from $204.7m in September, when sportsbooks secured a sturdier 9.9% win rate.
Both handle (15.7%) and revenue (6%) were up year over year (YOY) as the largest US market continues to grow.
As a result, $89.9m in October tax payments were sent back to the state to benefit education.
Turning to operators, the biggest news was the first full month of business for ESPN Bet after the PENN-owned operator’s launch at the end of September. It was a relatively slow start, however, as ESPN Bet generated just $40.8m in handle – or 1.8% of the market – and $3.2m in GGR.
The top of the market remained unchanged and led by FanDuel, which racked up $907.6m in handle and $77.3m in GGR for an 8.5% hold that registered as nearly a point higher than the statewide figure.
DraftKings maintained its second-position status, generating $58.9m in revenue on $813.7m in handle, which equated to a 7.2% hold.
Fanatics continued its steady rise by grabbing the final spot on the podium with $178.4m in handle and $12.4m in GGR, edging out both Caesars ($155.1m handle, $10.9m GGR) and BetMGM ($161.3m handle, $9.5m GGR).