New York sports betting sets consecutive revenue records

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The New York sports betting market has set another record month of revenue as it became the first state to pass $2bn in monthly handle in October.

Per the New York State Gaming Commission, sportsbooks in New York recorded handle of just over $2bn, marking an increase of 30% year-over-year. It also saw a 14.1% increase in handle from September, which resulted in record revenues. 

Those record revenues have been surpassed though, as sportsbooks made $166.3m in October, a slight increase from the previous record of $165.6m set in September. Moreover, this record revenue marks an increase of 14.1% YoY from the $145.7m made in October of 2022. 

Operators’ hold rate was a steady 8.2% during October, which is a dip from September’s 9.4% hold but the large increase in handle drove the new high in revenues as NFL betting engaged bettors. 

Per operators, FanDuel reasserted its lead in New York, reclaiming top spot in handle last month after DraftKings had enjoyed a dominant summer. FanDuel recorded $892m in handle last month, while DraftKings handled $652.3m. The top three was rounded off by Caesars Sportsbook, which took $193.2m in bets. 

Here is a look at other operators handle: 

BetMGM: $107.6m

Rush Street Interactive: $114.2m

PointsBet, A Fanatics Experience: $27.6m 

Wynn Interactive: $12.3m

ResortsWorld Bet: $7.7m

Meanwhile, on the revenue front, FanDuel was once again the top dog in the Empire State, generating $83.1m, around 50% of all money made in New York last month. 

DraftKings was in second place making $59.3m, while Caesars took the bronze medal, generating $10.9m in October. 

Here is the resort of the pack’s revenue figures: 

BetMGM: $7.2m

RSI: $3.3m

PointsBet: $1.3m

ResortsWorld Bet: $894k

Wynn: $313k

After a record-setting month of activity, New York sports betting operators made a net total of $81.5m last month, whilst a record total of $84.8m was paid out to the state in tax collections.