Mobile sportsbooks in the state of New York did the unthinkable in October as they posted a total sports betting handle of more than $2 billion. It used to be a major deal to see a state go over $1 billion in monthly handle, but New York just continues to raise the bar.
This $2 billion total doesn’t even include retail sports betting handle, and that will push the record even higher. New York had been trending in that direction over the past few months, but it still seemed like something that was unattainable.
It shouldn’t come as a major surprise to see this total in New York as there were five weekends of professional football in the month. The NFL continues to drive sports betting throughout the country, and sportsbooks in New York were able to cash in.
There have only been a handful of states to even go over $1 billion in a month, and New York just continues to see its lead over other markets grow. To put this dominance in even greater perspective, this state holds the top 14 monthly handle totals that have ever been recorded.
This is a record that not likely to be challenged in the final two months of 2023, but there will be some big months ahead in 2023. January and March are going to be the next two months to watch, and the new goal for the state is now set at $2.1 billion.
ESPN BET is going to be launching in New York on November 14, and that is going to create some new excitement. Even though New York has been putting up massive numbers, New Jersey continues to see some growth in this industry as well.
FanDuel Back on Top
The battle of the top mobile sportsbook in New York has been fun to follow as DraftKings and FanDuel continue to battle it out. DraftKings has gotten the better of FanDuel for much of 2023, but it was FanDuel that climbed back to the top of the list for the month of October.
FanDuel set a record of its own by racking up $891.9 million in online sports betting handle last month. This is the first time that any mobile operator has gone over $800 million in one month, and that includes any state with sports betting.
DraftKings Sportsbook still had an impressive showing in October as it brought in $652.3 million in monthly handle. That sportsbook also brought in nearly $60 million in revenue last month and had a hold rate of nearly 9%.
Caesars Sportsbook remained in third place in handle during the month of October, and New York is the state in which that sports betting operator does the best.
State Cashing In
Since New York has a tax rate of 51% imposed on sports betting revenue, this state continues to cash in with a ton of money. Online sportsbooks brought in more than $166 million in revenue in October, and that number can still climb with retail revenue.
The state has already received $84.8 million in tax revenue for the month, and that number will eventually climb to more than $85 million. There are many states with legal sports betting that don’t even get close to that number in an entire calendar year.
Since mobile sports betting launched in New York, there has been over $31 billion wagered online.
