Home > It’s A Stunner: Staggering $1.5B Bet in NY In October
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It’s A Stunner: Staggering $1.5B Bet in NY In October

$1.5B Bet in NY and the Giants' success helped

An NFL season including resurgent campaigns by the New York Jets and Giants helped the Empire State generate more than $1.5 billion in mobile sports betting activity in October. That is the biggest month of the fiscal year so far for the nation’s biggest mobile sports wagering market. It’s worth repeating: There was more than $1.5B bet in NY in a single month.

Sportsbooks that operate in New York reported $1.543 billion in mobile sports betting handle in October, according to state regulators. That is the largest such figure in a 2022-23 fiscal year that began in April. The NFL, NBA, NHL and MLB were all in action. They helped New York surge to $145.654 million in gross mobile sports betting revenues. The state took $74.283 million (51%). The operators took in $71.37 million.

Virtually overnight, New York State became the nation’s top mobile sports betting market when the practice was launched there in January. New York is also among the first states to have released revenue figures for the month of October; the most recent sports betting update from rival New Jersey, for instance, covered the month of September, when the Garden State brought in $866 million in handle and $97.981 million in gross revenue.

New York’s total sports betting handle (mobile plus retail) of $1.55 billion in October was its biggest since March. That was when it exceeded $1.6 billion in handle for the second time in state history. New York has now eclipsed $1 billion in total sports betting handle in seven of the last nine months.

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Lion’s Share of $1.5B Bet in NY Goes To FanDuel

October was also a good month for the major online sportsbooks that operate in New York. Four of them crossed the $100 million mark in handle. FanDuel led with $609 million in wagering activity, which produced $37.45 million in revenue. DraftKings was next with $534 million in handle and $20.125 million in revenue. They were followed by Ceasars Sportsbook with $195 million in handle and $7.3 million revenue. BetMGM was fourth with $106 million in handle and $4.023 million in revenue.

The October revenue report indicated that New York sports bettors are doing the lion’s share of their mobile wagering with the industry’s biggest names. Among other platforms, Rush Street’s BetRivers sportsbook recorded $41.761 million in October handle, generating $1.824 million in revenue. PointsBet followed at $39.656 million in handle, translating into $2.235 million in revenue. The state’s three other mobile operators recorded less than $10 million in handle apiece. One, BallyBet, reported a loss of $31,467.

Mobile sports betting typically accounts for 90% percent or more of all legal sports betting activity in states where wagering through mobile apps or websites is allowed. That’s certainly evident in New York. The state’s four retail sportsbooks combined to record $8.859 million in handle and $1.706 million in revenue for September. That is the most recent month for which figures were available through the New York State Gaming Commission.

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September Revenue Roundup

From a sports betting standpoint, September and October are very different months, given the greater level of activity across major pro sports leagues in the latter. New York’s $1.55 billion in total October handle, for instance, was an increase from the $1.265 billion in mobile sports betting handle the state reported in September.

Among states that have most recently reported September activity, Nevada recorded $760 million in handle and $70.629 million in revenue, while Pennsylvania reported $645 million in handle and $75.319 million in revenue. Colorado attracted $450.232 million in sports betting activity in September, generating $51.34 million revenue, while Virginia reported $411.272 million in handle translating into $53.82 million in revenue.

Other major U.S. markets for September included: Indiana, $382.5 million in legal sports betting handle and $51.17 million in revenue; Tennessee, $336.93 million in handle and $46.28 million in revenue; Iowa, $200.23 million in handle and $25.42 million in revenue; and Connecticut, $130.54 million handle, and $16.67 million in revenue.

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