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NY Mobile Sports Betting Thrives in October

As predicted the return of the NFL has helped New York State recover its mobile sports betting sector. Most recently, the New York State Gaming Commission reported that for the last week of October, the nine digital sportsbooks handled over US$345 million in internet wagers. The handle is slightly less than the prior week’s one but still rather strong in volume.

New York State officially kicked off its online sports betting market on January 8, 2022. It allows for a total of nine sportsbooks to operate in it and legally offer wagering on sporting events online. Despite its infant age, the market has also surpassed US$11 billion in total handle, thus making it the number one regulated jurisdiction for mobile sports betting in the U.S.

Friday’s Report

On Friday, the New York State Gaming Commission reported that for the week that concluded on October 30, 2022, the nine sportsbooks have generated a total betting handle of US$345.3 million. The amount is slightly less than the previous week of US$365.7 million. Meanwhile, gross gaming revenue for the last week of October hit US$33.9 million.

According to the NYSGC, the weekly GGR of US$33.9 million has translated to a hold of 9.8% for operators. Both GGR and hold are slightly higher than the previous week when revenue reached US$33.6 million while the win rate stood at 9.2%. It is expected that with the return of the NFL and other major leagues, the volume will pick up even higher for the state.

In terms of sportsbook performances, there were no major surprises for the week that ended on October 30, 2022. FanDuel again led the pack, as the operator reported a total weekly handle of US$140.6 million, which rendered approximately US$18 million in revenue. Meanwhile, DraftKings was second with a US$113.6 million handle and over US$8.8 million in GGR.

In October the Empire State reached another major milestone for its mobile sports betting market. The state confirmed that after the week of October 23, 2022, has put the total gross gaming revenue above the US$1 billion mark since launch. For the said week, the state reported a weekly handle of US$365,676,278 and US$33,596,424 in gross gaming revenue.

Sen. Joseph Addabbo who was one of the main supporters of mobile sports betting said that the US$1 billion in GGR is a massive achievement. He stated that the milestone is an incredible one for the state in the timespan of just 10 months, and the vast majority of the funds have gone towards the state’s educational budget, gaming addiction programs, and youth programs.

US$1 Billion Handle in September

The summer months have been rather slow for the state’s online sports wagering market as volume decreased drastically due to the off-season. However, in September, many major leagues such as the NFL renewed their seasons. In September, when sports returned the state saw a monthly betting handle of more than US$1.25 billion. This was a major improvement on the August one of US$872.2 million.