October 2023 was a remarkable month for sports betting in New York, with New Yorkers placing bets like never before in the state’s history. The New York State Gaming Commission announced that the online sports betting handle reached an astonishing $2.3 billion—a milestone that reflects the growing enthusiasm for sports wagering in the Empire State. This statistic not only marks the highest amount wagered in a single month but also underscores the state’s remarkable ability to pull in sports fans and bettors alike.
A Record-Breaking Month
Historically, New York has seen fluctuations in sports betting activity, but October 2023 stood out as the pinnacle of that history. The $2.3 billion in online wagers was well ahead of any previous month, surpassing the prior high of $2.11 billion achieved in November 2022. This registration of only the fifth month crossing the $2 billion threshold illustrates the increasing popularity of online betting, especially during high-stakes sporting events such as the NFL and college football seasons.
Despite the striking handle numbers, a noteworthy anomaly persists: the gross gaming revenue saw a decline, down to $52.27 million—an $28 million dip from the previous month. This suggests that while more people participated in wagering, the actual profitability for sportsbooks took a hit.
NFL Drives Betting Frenzy
Data from the New York State Gaming Commission reveals that the primary catalyst for this surge was, as expected, football. The exhilarating action of NFL games, combined with the excitement of college football, consistently drives sports betting numbers higher—this month was no exception. Every time New Yorkers have hit the $2 billion mark in handle, it has corresponded with football season.
For the week ending on November 3, the state recorded a handle of $558 million, with FanDuel and DraftKings leading the charge among the nine online sportsbooks available in New York. FanDuel particularly stood out with an impressive handle of nearly $231 million alone for that week.
Breakdown of Sportsbook Performance
The state features a robust landscape of online sports betting, represented by nine main operators, each providing unique platforms and varied offerings. The performance of these sportsbooks for the week ending November 3 was as follows:
- FanDuel NY: $230,944,387
- DraftKings NY: $183,287,462
- BetMGM NY: $43,368,308
- Fanatics Sportsbook: $39,251,365
- Caesars Sportsbook: $37,319,237
- ESPN BET: $9,121,403
- BetRivers: $10,864,920
- Bally Bet: $2,726,071
- Resorts World: $1,520,793
This competitive environment has led FanDuel to eclipse $21 billion in total handle since the state’s launch of online betting on January 8, 2022. Such statistics demonstrate the dominant position FanDuel has carved out in the New York market, with DraftKings trailing significantly.
Tax Revenue Boost
The impressive betting figures resulted in significant tax revenue for the state. With New York implementing a hefty 51% tax rate on online sports betting, the revenue generated in October translated to more than $86.4 million in tax revenue. For the week ending November 3, the taxation on gross gaming revenue amounted to approximately $26.6 million, underscoring how lucrative this industry has become for state finances.
The Future of Sports Betting in New York
As the sports calendar progresses, especially with the NBA and NHL seasons underway, it is likely that New Yorkers will continue to engage robustly with their betting apps. The shift toward online sports wagering is apparent, and states across the nation are watching closely as New York sets a precedent for sports betting success.
October 2023 demonstrates that New York’s approach to legalized online sports betting is not just a passing trend but rather an entrenched aspect of the state’s economic and cultural fabric. With each passing year, it seems likely that the ever-growing enthusiasm will lead to more records being broken in the months and years to come. As fans gear up for more thrilling games, the combination of high stakes, technological convenience, and increased participation hints at an exciting future for sports bettors in the Empire State.
