New York shatters sports betting records with $2B monthly handle milestone

New York has just set a new milestone in US sports betting, becoming the first state in the post-PASPA era to surpass the mark of $2 billion in monthly bets by posting a $2.006 billion handle. This record was achieved in October, with eight mobile operators offering their services in the state, as reported by the New York State Gaming Commission last Thursday.

The final numbers are expected to grow even more, increasing by an additional $10 to 15 million, after the release of October's figures from the state's four retail sportsbooks. This feat was driven by the five weeks of NFL games in October, notably the Week 8 matchup between the New York Jets and the New York Giants on October 29th.

New York now boasts the 14 largest monthly sports betting handles in the post-PASPA era in the United States, surpassing the previous record of $1.8 billion set in January. This amount was reached in a month that also featured five Sundays, but only 14 games from Week 17 action prior to the NFL playoffs.

In terms of revenue, the state is close to setting a new record for the second consecutive month. The total mobile betting revenue reached $166.3 million, with an 8.3% hold, just $506,000 below the September record, which combined the revenues of mobile and retail sportsbooks.

New York's coffers saw $84.8 million in state taxes from mobile betting in October, bringing the year's total to $688.8 million. The all-time mobile handle surpassed $31 billion, and the operators' revenue reached $1.35 billion.

Among all operators, FanDuel stood out by setting a monthly handle record, with bets worth $891.9 million in October. This represented 44.4% of the total mobile handle. The company also boasts a 10.8% hold for 2023, with revenue of $652.3 million from a total collection of $6 billion.

DraftKings followed with $652.3 million, a number lower than its previous month's record of $710.5 million, but still solid overall. BetRivers surprised by doubling its previous record, with $114.2 million in accepted wagers last month. Despite the high volume of bets, the collection was $3.3 million, with only a 2.9% share.

BetRivers' October handle was enough to put BetMGM ($107.6 million) in fourth place among the eight active operators. For their part, Caesars posted $193.2 million and Resorts World saw $7.7 million in bets. 

PointsBet failed to crack a 5% hold, finishing with $1.3 million in revenue from $27.6 million handle. Bally Bet has remained offline since July while migrating its sports platform to Kambi Sports.

This historic milestone places New York in a prominent position in the U.S. sports betting scene, closely following leaders New Jersey and Nevada, which have surpassed $30 billion in lifetime handle since the repeal of PASPA by the U.S. Supreme Court in 2018.