New York sports betting hits record $2.32 billion handle in October despite revenue dip

New York’s mobile sports betting market hit a new high in October, with consumers placing a record $2.32 billion in wagers, the highest monthly handle in U.S. history and a 14.9% year-on-year increase in player spending, according to data from the New York Gaming Commission. Despite this surge in betting activity, total revenue declined, impacted by lower win rates for sportsbooks.

October’s revenue for New York operators reached $176.3 million, a drop of 13.9% from September and 16.7% below the state’s January 2024 record. The hold rate, or operator win percentage, fell from 9.9% in September to 7.6% in October, with a lack of upsets in NFL games enabling bettors to collect more winnings. This trend was evident in mid-October, when weekly win rates fell to under 5% for one week and below 2% the following week.

FanDuel retained its dominance in the market, generating $77.3 million in revenue from $907.6 million in wagers. DraftKings ranked second with $58.9 million in revenue from an $813.7 million handle. Meanwhile, Fanatics placed third with $12.4 million in revenue on a handle of $178.4 million, overtaking both BetMGM and Caesars.

ESPN Bet, which debuted in New York at the end of September, saw a moderate start with $40.8 million in handle and $3.2 million in revenue, ranking seventh among the state’s sportsbooks.

The state collected $89.9 million in taxes on sports betting revenue in October, based on a 51% tax rate, down from $104.4 million in September. Early November data indicates that the trend of high handle and lower revenue continues, with the state’s sportsbooks reporting a 10.1% week-over-week decline in revenue in the first week of the month as hold rates remained below 10%.

The strong October performance underscores New York's status as a leading sports betting market, yet also highlights the challenges sportsbooks face in sustaining revenue amid fluctuating hold rates and high player win rates.