New York’s Online Sports Betting Reaches Historic $2.64 Billion Handle in October
In October, New York’s sports betting scene reached new heights, with the total handle, the amount wagered climbing to a remarkable $2.64 billion. This figure not only set a new monthly record but also marked a significant milestone, as revenue from these bets hit $238.7 million, the highest in five months. The handle surpassed the previous record of $2.49 billion, set in January, by 6.02%, demonstrating continued growth in the market. Compared to October 2024, the handle increased by 13.3%, and it was 15.3% higher than the previous month of September. New York’s Online Sports Betting
The data from the New York State Gaming Commission highlights the impressive performance of mobile sportsbooks, which contributed significantly to the month’s revenue. Mobile betting alone brought in $238.7 million, a 35.4% rise over last year and a 23.2% increase from September. Notably, September’s revenue of $247 million was the third-highest on record, trailing only January’s $247 million and the all-time high of $248.9 million set in May.
In terms of overall profitability, the state’s hold, meaning the percentage of total bets retained as profit, stood at 9.03% for October. This indicates a healthy profit margin for operators amid the record-breaking handle. FanDuel once again demonstrated its dominance in the New York market, leading the operator rankings. It generated $100.6 million in revenue from a staggering $1.01 billion in wagers, resulting in a 10% hold. This achievement marked a milestone for the operator, as it was the first time an operator had taken over $1 billion in bets in a single month within the state.
DraftKings also achieved a notable feat, setting a new handle record with $938 million in bets, more than any previous month. It earned $82.9 million in revenue, with a hold of 8.84%. Meanwhile, Fanatics continued to solidify its position as the third-largest operator, reporting $18.7 million in revenue from a handle of $205.7 million, reflecting a 9.09% hold.
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Turning to the rest of the market, BetMGM edged ahead of Caesars in terms of revenue. It posted $14.4 million from $187.5 million in wagers, translating to a hold of 7.68%. Caesars, which had tied with BetMGM in September, finished with $13.2 million in revenue from $175.8 million in bets, holding at 7.51%. Following them, Rush Street Interactive earned $4.4 million from $53 million in bets, with an 8.30% hold.
Other notable operators included ESPN Bet, which took in $3.4 million from $60.3 million wagered, resulting in a hold of 5.64%. It’s worth mentioning that ESPN Bet will soon cease operations as a brand, following a mutual decision between ESPN and Penn Entertainment to end their partnership. Penn plans to relaunch the itsScore Bet in the US by early December. Bally Bet reported $1.1 million in revenue from $16.6 million in wagers, with a hold of 6.63%. Lastly, Resorts World Bet made $229,357 in revenue from $2.8 million in bets, holding at 8.33%. New York’s Online Sports Betting
