Sports Betting
In September, New York generated over $200 million in sports betting revenue
Zach Wolpin is an NBA and NFL expert who's been betting on the league for over three years now. Wolpin is a fan of the NFL and NBA and has been watching for a decade and a half. He covers the latest news and stories surrounding the league daily. His passion in life is sports and being able to share that through his writing. He has written about the NBA and other sports leagues through various media outlets over the years like Sir Charles In Charge, G-Men HQ, and TAP into South Plainfield. Before he became a Sports Editor, Wolpin attended Montclair State University where he graduated in 2021. He studied Sports Media and Writing while in school.
Get to know Zach Wolpin betterPublished5 hours ago on October 17, 2024
On Wednesday, the New York Gaming Commission released figures for sportsbooks in September. It was one of their busiest and most successful months since the post-PASPA era. New York surpassed $2 billion in the handle and went over $200 million in gross sports betting revenue last month. This was only the fourth time that New York sportsbooks surpassed $2 billion in monthly wagering. The last time it happened was in October, November, and December 2023.
Additionally, New York is the only legal sports-wagering state that to have a $2 billion monthly handle. In September 2024, they saw $2.08 billion worth of wagers. That was up 17.6% year-over-year and was 44.3% more than the $1.44 billion that was wagered in August. For the third time in state history, revenue was over $200 million.
The $206.1 million in operator winnings is the second-largest total in the post-PASPA era. Only the $211.7 million in winnings from January 2024 was larger than their figures from September. Revenue was up 23.5% year-over-year in New York and they had a 9.9% hold. Of the 14 states that have published their figures from September, New York is the first to have under a 10% hold.
ESPN BET debuted its sportsbooks in New York in September
In their first four days of legal betting action in New York, ESPN BET generated over a $4 million handle. That was only 0.19% of all wagering for the month. The company also finished with a 2.6% hold and had $103,300 in revenue. ESPN BET’s first full week of business carried into October and revenue was up due to a 12.7% hold.
The last four days of September that rolled into October are not enough data to draw a definite conclusion. New York’s final four days of September were largely centered around the end of the MLB regular season. That included the New York Mets beating the Braces and clinching a spot in the wildcard. They are down 2-1 in the NLCS after an 8-0 loss in Game 3 at Citi Field.
How did DraftKings and FanDuel fare in New York in September?
September was the second straight month that DraftKings had the highest handle of all New York sportsbooks. They beat out FanDuel in the handle by $4.2 million and accepted $788.3 million worth of wagers. DraftKings had an 8.8% hold and had $69.7 million worth of revenue. That was a year-over-year increase of 13.5%. FanDuel’s $98 million in operator winnings was significantly more than DraftKings posted in September. The operator had a 12.5% hold last month and had a $784.2 million handle. It was FanDuel’s six-straight month with a double-digit hold.
