New York online sports betting handle tops $2.29 billion in September

New York’s online sportsbooks took in $2.29 billion in wagers in September, up 10% from a year earlier and 12% from the previous month, according to data released by the New York Gaming Commission last week. It marks the first time since May that the state’s monthly handle tops $2.2 billion.

Gross gaming revenue came in at $193.7 million in September, down from $204.7 million a year ago, as the statewide hold – the share of bets kept by operators – eased to 8.4% from three straight months in double digits. The state still collected $98.8 million in tax revenue.

FanDuel remained atop the market with $77.6 million in revenue from $790.4 million in wagers, a 9.8% hold that accounted for about 40% of statewide betting revenue. DraftKings reported the largest handle at $870.6 million but generated $66.7 million in revenue on a slimmer 7.7% hold.

Fanatics remained in third place with $219 million in wagers and just over $20 million in revenue, stabilising after an anomalous August spike driven by a single high-stakes bettor. BetMGM and Caesars posted nearly identical results at $10.9 million each from around $150 million in handle apiece.

ESPN Bet, Rush Street Interactive’s BetRivers brand, Bally Bet, and Resorts World Bet each reported single-digit millions in gross gaming revenue. No operator achieved a double-digit win rate in September, a reversal from the strong summer run. 

Analysts attributed the softer margins to bettor-friendly results early in the NFL season. October is expected to accelerate further, with the NFL and MLB playoffs in full swing, the NHL regular season underway, and the NBA set to start later this month.