NY Online Sports Betting Revenue Drops 13.9% in October
October brought a treat and a trick to New York mobile sports betting.
The treat? Handle finished at $2.3 billion, good for the highest total in 2024, according to the latest data from the New York State Gaming Commission.
The trick? Gross revenue fell 13.9% to $176.3 million in October compared to September on well-documented customer-friendly NFL results in the month, according to the monthly report.
That led New York sportsbooks to pay $89.9 million in taxes.
NY sports betting handle soars as revenue falls
The state’s nine online sportsbooks combined for $2.3 billion in handle this past month, eclipsing the previous 2024 high of $2.1 billion set in September. Handle was up around $300 million year over year.
| Month | Handle | % change | Gross gaming revenue | % change |
|---|---|---|---|---|
| October 2024 | $2,321,095,638 | 12.05% | $176,346,919 | -13.86% |
| September 2024 | $2,071,515,109 | 44.24% | $204,710,934 | 63.77% |
| August 2024 | $1,436,142,323 | 13.80% | $124,999,775 | -10.92% |
| July 2024 | $1,261,967,679 | -14.33% | $140,328,926 | 4.78% |
| June 2024 | $1,473,071,481 | -25.34% | $133,931,080 | -34.14% |
| May 2024 | $1,972,946,780 | 0.45% | $203,347,519 | 10.64% |
| April 2024 | $1,964,058,932 | 6.22% | $183,791,666 | 21.17% |
| March 2024 | $1,849,080,276 | 4.27% | $151,679,658 | 15.41% |
| February 2024 | $1,773,303,032 | -9.32% | $131,427,395 | -37.86% |
| January 2024 | $1,955,590,364 | -4.23% | $211,504,815 | 12.32% |
Why did revenue tumble?
DraftKings and others have noted in their third-quarter calls just how tough the start of the fourth quarter has been.
DraftKings noted it “experienced the most customer-friendly stretch of NFL sport outcomes we have ever seen early in the fourth quarter.” In other words, winning NFL bets damaged the company’s sports betting margins in October.
It’s possible that those losses were felt by NY sportsbooks across the board.
ESPN Bet notches a solid revenue month after September debut
The biggest news in New York online sports betting this past month was the emergence of ESPN Bet. The sportsbook launched in late September. With a full month of action under its belt, the sportsbook tallied $40.8 million in handle, beating out Bally Bet and Resorts World Bet but still far behind the state’s top books.
| Operator | October handle | % change from September | October gross gaming revenue | % change from September |
|---|---|---|---|---|
| Bally Bet | $11,061,791 | 3.37% | $304,513 | -71.41% |
| Bet MGM | $161,328,191 | 12.12% | $9,531,861 | -7.20% |
| Caesars | $155,087,834 | 5.36% | $10,908,353 | -16.37% |
| DraftKings | $813,704,016 | 3.22% | $58,904,088 | -15.50% |
| ESPN Bet | $40,798,959 | 915.85% | $3,232,488 | 3,030.04% |
| Fanatics | $178,433,128 | 24.61% | $12,376,683 | 46.98% |
| FanDuel | $907,596,756 | 15.74% | $77,281,642 | -21.11% |
| Resorts World | $7,333,331 | 10.46% | $274,358 | -54.76% |
| Rush Street | $45,751,633 | 5.50% | $3,532,934 | -0.07% |
| Total | $2,321,095,639 | 12.05% | $176,346,920 | -13.86% |
FanDuel, DraftKings battle for top NY sports betting spot
FanDuel and DraftKings continued to rule New York’s sports betting kingdom. The two books combined for more than $1.7 billion in handle this past month.
While FanDuel took around $4 million less in bets than DraftKings in September, it managed to surge ahead of DraftKings by more than $93 million in October. Its revenue outperformed its rival by over $18 million, too.
FanDuel and DraftKings aside, Fanatics had a tremendous month. Its handle jumped 24.6% to $178.4 million in October.
