The State of New York hit the nation-wide record as the total sports wagers placed through online operators totaled to more than $2 billion in October 2023. Such a handle also brought $166.3 million in revenues to mark the highest market level since the launch of online sports betting in the state in January 2022.
$2.01 Billion in Player Bets
New York players reportedly wagered a total of $2.01billion using online platforms and mobile betting apps to hit the handle 30.5% higher than in the same month of 2022. The figure also represents a 14.2% higher level than $1.76 billion wagered in the state in September 2023.
Consequently, the market hit the record monthly revenue of $166.3million to exceed the September 2022 record of 165.5 million and stand for a 14.1% higher level than October 2022.The remarkable online sports betting result was extensively driven by several leading operators.
77% Market Share of FanDuel and DraftKings
FanDuel kept the New York market leading position with a 50% share in total revenues generated during October and the handle of $891.9 million representing a 44.5% stakein overall bets processed in the market in the given period. DraftKings followed with a 35.6% revenue share and the $652.3 million handle to get hold of a 32.5% share in the total market handle.
Individual Operator Contributions
The remaining around 15% of revenues and 23% of online bets placed in the state in October 2023 have been split to six major operators with their individual revenue and handle contributions standing as follows:
- BetMGM: Revenue $7.2M; Handle $107.6M
- Rush Street Interactive: Revenue $3.3M; Handle $114.2M
- PointsBet: Revenue $1.3M; Handle $27.6M
- Resorts World Bet: Revenue $894,039; Handle $7.7M
- Wynn Interactive: Revenue $313,363; Handle $12.3M
Mets Owner and Hard Rock Partners for a Casino License
The $2 billion record handle testifies about the season of the increased gambling-related activities in New York. Another argument supporting the trend comes from the recently made announcement that Mets owner Steve Cohen would partner with casino giant Hard Rock International to bid for the last of the three casino licenses available for a casino development in downtown New York.
$8 Billion Metropolitan Park Casino Development
The billionaire and the top-tier casino operator revealed plans to build an $8 billion Metropolitan Park casino and entertainment complex next to the Citi Field Stadium in Queens, New York City.
The hotel and casino project includes separate sports betting facility, as well as a wide range of amenities, such as a music venue, food hall, an entertainment park, and the associated parking and retail facilities.
Obtaining Support to Bid For the License
Cohen has reportedly hosted multiple community workshops and conducted more than 20,000 door-to-door conversations with local community members. The project has thus secured the support of more than 89% of the pooled community members who signed the petition to support the project and help Mets owner take a lead in the metropolitan casino license race.
Source: “New York sets US-first with $2bn online sports betting handle in October”. iGB. November 13, 2023.