New York mobile sports betting operators took more money in October 2024 than any other month in any U.S. state in history, but industry-wide customer win challenges saw gross gaming revenue fall month-over-month.
The New York Gaming Commission reported that New Yorkers wagered $2.3 billion last month, up nearly 16% year-over-year and a 12% increase on a frantic September of early-season football betting. Amid football season hitting its stride, the NBA and NHL seasons getting going and the Yankees contesting the World Series, that was a new all-time high customer spend in not only the Empire State but any U.S. market.
New York has now eclipsed $5 billion in bets in five different months, and two in a row this fall. No other state has ever done it.
But operators did not reap the benefit.
As customers enjoyed a successful month amid a lack of NFL upsets, the state’s nine online sportsbooks combined for $176.3 million in revenue, up 6% year-over-year but down almost 14% from September despite the handle jump. While the amount wagered was a new monthly record, the GGR total was around $35 million short of the all-time high mark set in January 2024.
Hold fell more than two points from the previous month to 7.6% in October. For some weeks in the month, it was significantly worse; the week ending Oct. 13 saw a combined operator win rate of under 5%, while the following week yielded the lowest non-Super Bowl week hold ever in New York, below 2%.
ESPN Bet stutters at start, Fanatics’s best-ever month vaults it to third
October was ESPN Bet’s first full month of mobile betting in the state and, while PENN Entertainment executives insisted last week they were pleased with the brand’s start in the state, the numbers are modest.
PENN CEO Jay Snowden said on an earnings call last week that the company is “not as worried about handle market share in New York” as it is in other states, because “what we’re seeing in New York is a higher-quality customer.” PENN executives cited figures suggesting that New York ESPN Bet users are producing an average daily handle per user that is 228% higher than the average in existing states.
However, the platform finished seventh of nine online sportsbooks with a handle of just under $41 million and gross revenue of $3.2 million, finishing ahead of only small state players Bally Bet and Resorts World Bet, neither of which broke seven figures in GGR. ESPN Bet was narrowly beaten by BetRivers’ $3.5 million on $46 million in wagers.
Meanwhile, Fanatics Sportsbook had its best month ever. From a handle of $178 million, the best for either Fanatics or its predecessor PointsBet in New York and third behind the big two of DraftKings and FanDuel, it took more than $12 million in GGR.
FanDuel’s hold was better than most at 8.5% and its $908 million handle was the second-highest ever in New York. That number was up 15.7% month-over-month and 1.7% year-over-year. However, it yielded $77 million in revenue, down 7% from October last year.
DraftKings’ handle rose 25% year-over-year to $814 million, its best-ever in New York, but revenue slipped slightly to $59 million.
Caesars took $11 million in GGR from $155 million, while BetMGM took more action ($161 million in handle) but won less money ($9.5 million GGR).
The revenue rut has continued into early November, as NYGC weekly figures show that for the week ending Nov. 3, New York’s online sportsbooks took $52.3 million in revenue, down 10.1% week-over-week. All but two operators saw their GGR fall in that week.
