NY Breaks Post-PASPA Handle Record
Author:
Scott Lawson
New York has made history in the US sports betting landscape, surpassing the $2 billion mark in monthly wagers, a significant milestone in the post-PASPA era. October saw a record-breaking $2.006 billion handle, as confirmed by the New York State Gaming Commission. This achievement was supported by the active participation of eight mobile operators providing their services in the state.
The state of New York has set new records in the US sports betting landscape, exceeding the $2 billion mark in monthly wagers, a notable achievement in the post-PASPA era.
?Michael Discenza/Unsplash
New York Generated Almost $85 Million in State Taxes from Betting in October 2023
New York has emerged as the trailblazer in the US sports betting landscape, achieving a groundbreaking milestone by surpassing the $2 billion mark in monthly bets. The state’s extraordinary accomplishment was revealed in the October report released by the New York State Gaming Commission, solidifying its place as the first state in the post-PASPA era to achieve this impressive feat.
The record-setting $2.006 billion handle in October highlights the thriving sports betting market in New York, propelled by the participation of eight mobile operators catering to enthusiasts across the state. This substantial figure is expected to climb even higher, with an anticipated additional $10 to 15 million upon the release of the retail sportsbooks’ October figures, contributing to the record-breaking momentum.
The surge in betting activity was notably fueled by the exhilarating NFL games throughout October, particularly the Week 8 clash between local teams, the New York Jets and the New York Giants, which significantly bolstered the overall handle.
New York now holds the distinction of securing the 14 largest monthly sports betting handles in the post-PASPA era across the United States, eclipsing the previous high of $1.8 billion recorded in January. Interestingly, the January record was established during a month featuring only 14 games from Week 17 action, contrasting with the five weeks of NFL games in October.
In terms of revenue, New York is on the brink of marking a second consecutive record-breaking month. Mobile betting alone accrued a total revenue of $166.3 million with an 8.3% hold, narrowly missing the September record by a slight margin of $506,000, which encompassed both mobile and retail sportsbooks’ revenues combined.
The state’s tax earnings from mobile betting in October surged to $84.8 million, contributing to a substantial annual total of $688.8 million in state taxes. Additionally, the cumulative mobile handle surpassed a staggering $31 billion, with operators’ revenue hitting $1.35 billion, further reinforcing New York’s prominence in the thriving sports betting landscape.
FanDuel Also Set Monthly Handle Record in New York in October 2023
October proved to be a monumental month for New York’s sports betting scene, with FanDuel standing out as the primary leader among all operators by setting a record-breaking monthly handle of $891.9 million. This substantial figure accounted for an impressive 44.4% of the total mobile handle, solidifying FanDuel’s dominant position in the state’s thriving betting market.
The company’s commendable performance extended to its 2023 track record, boasting a 10.8% hold and accumulating revenue of $652.3 million from a total collection of $6 billion, underscoring FanDuel’s robust standing in the competitive landscape.
DraftKings, another key player, secured a significant handle of $652.3 million in October, although slightly lower than its previous month’s record of $710.5 million. BetRivers emerged as a surprise contender by doubling its previous record, amassing $114.2 million in accepted wagers last month. However, despite the high volume of bets, BetRivers recorded a modest collection of $3.3 million, equating to only a 2.9% share.
October’s betting activities placed BetMGM at $107.6 million, Caesars at $193.2 million, and Resorts World at $7.7 million in bets. On the other hand, PointsBet failed to reach a 5% hold, garnering $1.3 million in revenue from a $27.6 million handle. Meanwhile, Bally Bet remained offline since July during its sports platform migration to Kambi Sports.
New York’s remarkable achievement of this historic milestone underscores its emergence as a significant player in the U.S. sports betting landscape, closely following trailblazers New Jersey and Nevada. These leading states have collectively surpassed $30 billion in lifetime handle since the U.S. Supreme Court’s landmark repeal of PASPA in 2018, solidifying their pivotal roles in the nation’s burgeoning sports betting industry.
Caesars Unleashed Racebook App in New York in September 2023
Caesars Entertainment has introduced its latest addition catering to horse racing enthusiasts in New York: the Caesars Racebook mobile app and website. This newly launched platform grants users access to pari-mutuel wagering on races spanning over 300 tracks worldwide, elevating the betting experience for consumers in New York.
A notable feature of the Caesars Racebook is its seamless integration with the renowned Caesars Rewards loyalty program. With each wager placed, players have the opportunity to accumulate points. These points hold value as they can be later redeemed for various experiences at numerous Caesars locations across the United States and Canada, offering an added benefit to users.
The expansion of the Caesars Racebook into New York follows successful launches in various states including California, Florida, Pennsylvania, and Washington, among others. This expansion reflects Caesars Entertainment’s commitment to delivering a comprehensive horse racing wagering platform to a wider audience. Plans are underway to extend this platform to additional states across the nation, illustrating Caesars’ strategic approach to penetrating and diversifying its presence in the horse racing betting market.
Bally’s and New York Yankees Joined Forces in August 2022
Bally’s Corporation, a prominent sportsbook and casino operator already established in the United States’ sports betting landscape, revealed its partnership with the globally recognized Major League Baseball (MLB) powerhouse – the illustrious New York Yankees – back in August 2022.
As part of this significant deal, four major brands under Bally’s umbrella will be designated as official partners of the esteemed baseball team. These brands include Bally Bet, to serve as the team’s official sports betting partner; Monkey Knife Fight, the official daily fantasy sports partner; Bally Casino, acting as an iGaming partner; and Bally Play, designated as the Yankees’ official free-to-play gaming partner. Additionally, Bally’s Casino Atlantic City will proudly join as a partner of the Yankees.
The collaboration between Bally’s and its four distinct brands and the New York Yankees will significantly elevate their brand visibility. This enhanced visibility will be facilitated through prominent displays within the Yankees’ esteemed home ground, Yankee Stadium. This includes LED advertising placements on the outfield wall, field-facing walls, the Terrace Level ribbon board, and LED boards across the Great Hall.
Moreover, as part of this landmark partnership, Bally’s Corporation will enjoy distinctive branding features during the games, including a dedicated spot on the Yankees’ ballpark centerfield video board. This arrangement promises unique activations that will further elevate the brand’s presence and visibility during game-time.
This historic agreement between Bally’s Corporation and the renowned MLB franchise, the New York Yankees, signifies a notable milestone. This partnership marks Bally’s inaugural collaboration with a sports team in the state of New York, following the successful launch of its Bally Bet brand in July 2022. Bally Bet became the ninth online sports betting operator to go live in the state after the launch of its legal sports betting market in January 2022.
