New York Sets New Sports Betting Handle Record in October

New York’s mobile sports betting market is again writing history, as it set a new record for total online betting volume in a single month in October 2023. According to the New York State Gaming Commission, last month the Empire State’s eight online sportsbooks delivered US$2 billion in betting activity, making it the first regulated U.S. market to reach such highs.

The online market for sports betting in the Empire State officially began on January 8, 2022, and quickly turned into one of the top legal jurisdictions across the U.S. thanks to its passionate sports fans. In total, nine sports betting firms are licensed to operate in the state, but Bally Bet went offline to integrate a new platform in the summer and is yet to make its return.

Market Reaches New Highs

New York’s monthly handle of US$2 billion in October 2023 was achieved with help from the NFL, college football, NHL, NBA, and MLB. Also, FanDuel and DraftKings had a major part in it, as the two leading sportsbooks captured 77% of the total wagers placed throughout the month. The state’s previous all-time high for a single month was US$1.79B from this January.

The latest numbers from the NYSGC confirmed that in October, the Empire State’s total betting handle spiked 17.6% over the previous month. Meanwhile, the state reported gross gaming revenue of US$166.3 million, smashing the previous all-time high for the jurisdiction set in September with US$165.6 million. Translating in US$84.8 in tax revenue to the state.

In October, FanDuel was again the bettor’s top choice as it contributed the largest portion of the total betting handle with US$891.9 million and around US$83.1 million in revenue, marking the most in the state for a single month. Meanwhile, its primary competitor, DraftKings reported betting activity of US$652.3 million, while proceeds dropped by 3.5% from September.

Once again, Caesars Sportsbook was in third place and produced a total wagering volume for the month of US$193.2 million, which was its best monthly result since March 2023. BetRivers touted an impressive 128% month-over-month jump and generated a volume of US$114.1 million. BetMGM, PointsBet, Resort WorldBET, and WynnBET also saw better volume in October.

New York Sees Increase in Problem Gambling

But there is a downside to the success of mobile sports betting, as a recent report by New York State Comptroller Thomas DiNapoli disclosed some concerning data. If found that for the FY 2022-23, there has been a 26% increase in problem gambling-related calls to the Office of Addiction Services and Supports in comparison to the previous fiscal year.

In the meantime, addiction clinics are trying to aid people in battling compulsive gambling saying that gambling-related addiction is a hidden one. Jeff Footer, an associate director for the Integrated Care Clinic explained technology has changed how people gamble, as they no longer need to be physically located at a casino and can place bets right at their fingertips.

Source: Senkiw, Brad “Sports Betting Operators in New York Generate Historic $2 Billion Handle in October” Covers, November 9, 2023