New York’s currently eight active online sports wagering platforms have concluded September 2023 on a strong foot. After the US$98.5 million in August, in September the sportsbooks disclosed US$165.6 million in profits before tax. This year’s results were a solid 38% improvement over September 2022 in proceeds and a 44% increase in betting volume.
The Empire State’s mobile sports wagering market officially kicked off on January 8, 2022, but it quickly cemented itself as one of the top regulated jurisdictions in the U.S. for online betting on sports. In its first 12 months, it provided over US$700 million in tax revenue to the state, with another US$200 million from operator licensing, with even more projected to come this year.
Volume and Revenue Spike in September 2023
In September 2023, New York-licensed sportsbooks saw handle pass the US$1 billion market for the 12th time in 13 months. Operators took in approximately US$1.76 billion during the month, which was a 60% increase from the previous 30-day period. But despite the massive increase in activity, it led to a bump in hold from 8.9% to 9.2%.
DraftKings and FanDuel were again the top two operators at that time, as they combined for a total wagering volume of US$1.4 billion. The former delivered US$710.5 million in bets, which was 60% better from its August 2023 output and 68% from September 2022. Its revenue for the month hit US$61.4 million, an impressive 75% month-over-month and 38% year-over-year increase.
FanDuel witnessed its monthly handle rise from US$422.2 million in September 2022 to US$682.5 million in the same month this year. This meant US$76.9 million in revenue for the month, which was the most among its peers in the Empire State. Caesars Sportsbook was in third in volume with US$174 million while BetMGM got US$100 million, which was the first time in a while.
September also saw FanDuel invest big in its responsible play advocacy, as it hired and assigned soccer star Carli Lloyd and PGA TOUR star Tom Kim to its Responsible Gaming Ambassador team. On September 26, 2023, the company also hosted its second annual Play Well Day in New York City and it will be broadcast to employees around the world.
Recently, the New York State Gaming Commission also provided the numbers for the week ending on October 1, 2023, when the handle jumped to US$468.8 million. However, proceeds dropped by more than 25% to US$26.8 million, due to hold decreasing from 8.7% to 5.7%. It marked the third consecutive week of a win rate under double digits.
New Yorkers Discuss Mobile Sports Betting
Some locals such as Peter Wegrzyn believe sports wagering makes sports more appealing as it gives people another reason to watch games and makes it more interactive. Proceeds from it go towards fighting problem gambling, education, and youth sports. Mr. Wegrzyn said that he feels better about potentially losing money knowing it will go towards helping important causes.
Source: Senkiw, Brad “Online Sports Betting Rises 38% in New York Year-Over-Year in September” Covers, October 6, 2023
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