Key points:
- New York State records highest-ever sports wagering handle of $2.3bn
- Revenue rises year-on-year, but decreases in comparison to September figures
- FanDuel led the way in October with handle of $907.6m
The New York State Gaming Commission has released its October 2024 report, highlighting a new record sports wagering handle of $2.3bn for the month.
These latest figures surpass the previous record wagering handle of $2.11bn from November 2023. Further, last October saw New York become the first US state to report a monthly wagering handle of $2bn, a figure that has evidently risen by a healthy $300m year-on-year. In September 2024, New York posted wagering handle of $2.07bn.
Despite the impressive wagering figures posted for the month of October, gross gaming revenue (GGR) decreased by 14.9% to a figure of $176.3m. However, this decrease can likely be attributed to higher player winnings coinciding with the start of the NFL season, a point which was alluded to by DraftKings, which also posted its Q3 2024 results today. Nevertheless, New York State's GGR figure from the month of October 2024 has still risen 5.8% year-on-year.
With New York State’s fiscal year running from April-March, there are still five more monthly wagering reports to come from the year 2024/25 and, with total wagering handle for the year so far currently sitting at $12.5bn, the state looks set to surpass its previously recorded figure of $19.6bn from 2023/24. Moreover, October’s GGR figure brings the state’s total recorded revenue figure for the year 2024/25 so far above the billion-dollar mark – totaling $1.17bn.
Good to know: At present, the record GGR figure posted by the New York State Gaming Commission came in January 2024, when revenue figures hit $211.5m
Leading the line In October was FanDuel, which recorded sports wagering handle of $907.6m in the Empire State, up from $784.2m from September. The operator also recorded the highest monthly GGR figure of $77.3m, although this figure went down from the $97.9m recorded in September. Close behind, DraftKings Sportsbook posted wagering handle of $813.7m for October, with a GGR of $58.9m.
Since the overturning of PASPA saw Delaware become the first state to regulate sports betting (outside of Nevada) in 2018, New Jersey, which was also one of the first states to legalise sports betting in the same year, became a dominant region.
But New York is now top dog, posting consistent monthly wagering handles in excess of $2bn.
