New York Sports Betting Sets New Records in September 2024
In September 2024, the New York Gaming Commission released impressive figures reflecting a pivotal month for the state’s sportsbooks. Both in handle and revenue, the state’s betting landscape reached new heights, showcasing the increasing popularity and growth potential of sports wagering in the Empire State.
A Milestone Month for Sports Betting
September 2024 was marked as one of the busiest and most lucrative months for New York’s sportsbooks since the repeal of PASPA (Professional and Amateur Sports Protection Act). For the fourth time in history, the state’s sportsbooks surpassed the remarkable $2 billion mark in monthly wagering, a benchmark that highlights New York’s dominance in the legal sports betting arena. The $2.08 billion wagered in September represented a staggering 17.6% increase year-over-year and an extraordinary 44.3% rise from the $1.44 billion wagered in August.
Moreover, sportsbooks in New York generated over $200 million in gross sports betting revenue for the third time in the state’s history. At $206.1 million, this amount is the second-largest revenue total in the post-PASPA era, second only to January 2024’s $211.7 million. The state’s operators reported a 9.9% hold, which, while below 10%, still underscores the robust engagement from bettors.
ESPN BET Makes Waves
A significant player entered the New York sports betting scene in September: ESPN BET. With just four days of betting activity, the newly launched sportsbook generated over $4 million in wagers, making up 0.19% of the total monthly wagers. The initial hold was reported at 2.6%, yielding $103,300 in revenue.
As ESPN BET transitioned into its first full week, revenues improved, attributed to a notable 12.7% hold during that period. Despite the short initial timeframe, ESPN BET’s foray into New York’s competitive sports betting market is seen as a promising sign of its potential.
Analyzing the Major Players: DraftKings vs. FanDuel
In the intense rivalry between New York’s major sportsbooks, September 2024 marked the second consecutive month where DraftKings emerged with the highest handle. The platform accepted an impressive $788.3 million in wagers, surpassing FanDuel by $4.2 million. DraftKings also reported a hold of 8.8%, translating to $69.7 million in revenue, reflecting a year-over-year increase of 13.5%.
On the other hand, FanDuel generated $98 million in operator winnings, significantly more than DraftKings during the same period. It accepted $784.2 million in wagers and maintained a solid hold of 12.5%, marking its sixth consecutive month with a double-digit hold. This ongoing rivalry showcases how both operators are continuously adapting their strategies to capture the New York betting market.
Contextual Factors and Future Outlook
September’s performance cannot be viewed in isolation; it coincided with various sports events that likely fueled betting activity. The conclusion of the MLB regular season, featuring crucial matchups and playoff implications, altered the betting landscape. For example, notable games like the New York Mets’ victory over the Braves, which clinched a wildcard spot, undoubtedly drew significant betting interest.
Looking forward, the surge in activity and revenue suggests that New York sportsbooks are well-positioned for continued growth. As sports betting becomes further entrenched in the culture of the state, with new platforms and innovative marketing strategies emerging, it is expected that the numbers will not only stabilize but grow further in the coming months.
Conclusion
September 2024 stands as a landmark month for New York sports betting, reflecting both robust participation from bettors and the increasing sophistication of sportsbook operators. With major players like DraftKings and FanDuel continuously innovating and the entry of new contenders like ESPN BET, the market is primed for further expansion. As sports betting evolves, New York remains at the forefront of this burgeoning industry, positioning itself as the undisputed leader in the legal sports wagering landscape. The future is bright, and the excitement is palpable as bettors in New York prepare for the next thrilling chapter in sports betting.
