New York online sports betting saw robust growth in October 2023, with handle exceeding $1.9 billion and significant tax revenue generated. Explore the latest figures and operator performance.
New York Online Sports Betting Reaches New Heights in October
The New York online sports betting market recorded an exceptionally strong performance in October 2023. The total handle for the month surpassed an impressive $1.9 billion. This robust activity generated substantial gross gaming revenue (GGR) and significant tax contributions for the Empire State.
October’s Record-Breaking Figures
New York’s regulated online sportsbooks processed a total handle of $1.95 billion during October. This figure represents a notable 25.1% increase compared to September and a 17.5% rise year-on-year. Gross gaming revenue also saw substantial growth, reaching $201.2 million. This marks a 28.5% month-on-month improvement and an 18.2% increase from October 2022. The state consequently collected $102.6 million in taxes from these operations. October 2023 now stands as the second-highest GGR month on record for New York, trailing only January 2023, which posted $213.9 million.
Leading Operators in the Market
Competition among the nine licensed operators remained fierce throughout October. FanDuel continued to hold the top position, both in terms of handle and GGR.
- FanDuel: Reported a handle of $772.4 million and GGR of $83.6 million.
- DraftKings: Followed closely with $732.6 million in handle and $69.9 million in GGR.
- Caesars Sportsbook: Secured the third spot, processing $192.2 million in wagers and generating $20.9 million in GGR.
- BetMGM: Posted a handle of $163.5 million, contributing $18.4 million in GGR.
- Rush Street Interactive: Saw $35.9 million in handle and $3.2 million in GGR.
- Resorts World Bet: Accounted for $29.7 million in handle and $2.7 million in GGR.
- PointsBet: Recorded $16.9 million in handle and $1.4 million in GGR.
- Bally Bet: Managed $5.9 million in handle and $1.1 million in GGR.
- WynnBet: Reported a handle of $2.4 million and GGR of $136,000. (Note: WynnBet ceased its operations in New York later in 2023).
Cumulative Performance Since Launch
Since its launch in January 2022, the New York online sports betting market has consistently demonstrated its massive potential. The cumulative handle has now reached an impressive $29.95 billion. Total gross gaming revenue since inception stands at $2.73 billion. These figures underscore the significant economic impact of regulated sports wagering. The state’s tax coffers have benefited immensely, with total tax contributions now totaling $1.39 billion.
Factors Driving October’s Surge
The robust performance in October can be largely attributed to a packed sports calendar. The month saw the National Football League (NFL) season in full swing, drawing significant betting interest. Additionally, the Major League Baseball (MLB) playoffs captivated fans, leading to increased activity. The simultaneous commencement of the National Basketball Association (NBA) and National Hockey League (NHL) seasons further fueled the surge in betting volumes. These major sporting events collectively provided ample opportunities for bettors, driving both handle and revenue to near-record levels.
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