New York Sports Betting Breaks Revenue Records

Share:

New York’s sports betting industry experienced a major boom in September. The Empire State witnessed online sportsbooks soaring to nearly $165.6 million, a figure that shatters the previous record set earlier this year. However, this rise isn’t just an isolated event.

First, in the time frame since NY legalized online sports betting, 21 months have exceeded $1 billion in all but three months. That’s massive!

But the fun fact is, sports betting in September 2023 wasn’t just a big deal for New Yorkers. Remember the famous song “September” by Earth, Wind, and Fire? Imagine if they were singing about this record-breaking month in the NY sports betting world!

 

New York Betting Revenue

new york sports bettingThe excitement isn’t just for the players, but also for the state. In September 2023, New York bagged a colossal tax collection of more than $84.4 million from sports betting revenue, marking an all-time high.

The total amount wagered (also known as the handle) during this month amounted to nearly $1.76 billion. And when you zoom out and look year-over-year, this is a whopping 40% jump compared to the figures from September 2022.

To put things in perspective, since September 2022, there was only one month (July 2023) where the betting figures dipped just a tad below $1 billion, coming in at $962 million. However, this did not come as a surprise, as summer months are known to be slower in the online gambling industry.

Top Contenders in the Game

DraftKings emerged as a major leader this September, boasting of bets worth an incredible $710.5 million. Close after we find FanDuel, with bets over $682 million. Not too far behind, Caesars held its ground with a commendable $174 million in bets.

But who took the biggest piece of the revenue pie? With a total revenue of $76.9 million, FanDuel outperformed DraftKings, which brought in $61.4 million.

Caesars, though third in line, had a sizeable gap with revenues reaching $12.6 million.

The New York gambling sector paints an interesting picture. While there was a slight dip in revenue from commercial casinos in September 2023, the state’s overall gambling industry is flourishing. This suggests a shift in preference among players, gravitating more towards online gambling platforms rather than traditional land-based casinos.

Mobile sports wagering, in particular, recorded a Gross Gaming Revenue (GGR) of $165.6m in September 2023, marking a 16% surge from the previous year.

This digital wave doesn’t imply the decline of land-based casinos. They are still a cherished and profitable segment of the industry. Still, it’s obvious that online is becoming the player’s favorite. This has to do with accessibility, but also a new and younger generation of players.

NY’s retail sportsbooks weren’t left behind. They too had a prosperous September, amassing their highest earnings for the year, a sweet $1.3 million. Out of all of them, Rivers Casino seemed to have hit the jackpot, raking in $541,000 from bets worth $3.7 million.us vs netherlands

What Lies Ahead for New York’s Sports Betting?

The September results have cemented NY’s position on the global sports betting map. The state’s milestones indicate a thriving industry, with operators always looking to innovate and engage bettors.

Rumors are also swirling around, with New York Mets owner Steve Cohen expressing interest in possibly building a casino next to Citi Field. As bets continue to roll in, sports betting enthusiasts and spectators alike are eager to see what the future holds.

NY online sportsbooks soared to nearly $165.6 million in September 2023.

In the 21 months since NY legalized online sports betting, 21 months have exceeded $1 billion in all but three months.

New York collected over $84.4 million in tax from sports betting revenue in September 2023.

The total amount wagered in NY in September 2023 was nearly $1.76 billion.

September 2023 saw a 40% increase in betting figures compared to September 2022.

DraftKings led with bets worth an incredible $710.5 million.

FanDuel generated a total revenue of $76.9 million in September 2023.

The state’s overall gambling industry is flourishing, with a notable shift towards online gambling platforms.

Mobile sports wagering recorded a Gross Gaming Revenue (GGR) of $165.6m in September 2023, a 16% increase from the previous year.

No, land-based casinos are still a cherished and profitable segment, but online platforms are becoming more favored.

NY’s retail sportsbooks amassed their highest earnings for the year, a notable $1.3 million.

Rivers Casino stood out, earning $541,000 from bets worth $3.7 million.

The September results have cemented NY’s position on the global sports betting map as a thriving industry.

New York Mets owner Steve Cohen expressed interest in possibly building a casino next to Citi Field.

With its current trajectory, sports betting enthusiasts and spectators are eager to see what the future holds, anticipating further growth and innovations.

Catie Di Stefano has worked in the gambling industry since 2011 for major brands like Hard Rock Hotel & Casino, Gaming Innovation Group and Betsson Group. She started in customer support at age 19 and has since worked her way through VIP, CRM and Marketing. Today, Catie is passionate about educating players on consumer rights and the best approaches for legal play in the United States as the Director of Community Marketing at OnlineGamblers.com. Catie was born in Indonesia but grew up in Sweden. Currently, she resides in Spain with her two daughters.

Related news

Show all news
1

FanDuel Sportsbook Goes Live in Washington D.C.

Experience the dawn of a new era in Washington, D.C.’s sports betting scene as FanDuel steps in to revolutionize the game.

2

BetMGM Teams Up with GameCode for Exciting Game Series

Discover innovative titles like Boom Boom Boom™ and Gold Gold Gold™ now available at BetMGM in MI and NJ. Click here!

3

MGM Sues To Block U.S. Federal Trade Commission’s Probe

Click here to understand MGM’s lawsuit against the FTC over the 2023 cyberattack probe, focusing on data security and corporate rights!