New York Hits $2.3B Sports Wagering Record

New York State has broken its own record for sports wagering, reporting a new high of $2.3 billion in October 2024. This surpasses the previous mark set in November 2023 of $2.11 billion and reflects a $300 million increase compared to the same month last year. The figures, released by the New York State Gaming Commission, underscore the Empire State’s continued dominance in the legal sports betting market. However, despite the record-breaking handle, gross gaming revenue (GGR) showed a decline compared to September figures, highlighting fluctuations in player outcomes amid the onset of the NFL season.

Record Handle, Mixed Revenue Results

October’s handle of $2.3 billion is significant, not only for its record-setting nature but also for continuing the trend of exceeding $2 billion in monthly wagering, a milestone first reached by New York in October 2023. The state's sports wagering market has steadily grown, with October's handle up $300 million from last year and surpassing September's total of $2.07 billion. Despite these impressive figures, the state saw a 14.9% drop in GGR, which totaled $176.3 million for the month. This decline is attributed to higher player winnings, which often occur with the return of the NFL season, a point highlighted by operators like DraftKings in their recent quarterly results.

Although the October 2024 GGR figure is lower than the previous month, it still represents a 5.8% year-on-year increase. For the fiscal year 2024/25, New York has already recorded $12.5 billion in total wagering handle, setting it on track to exceed the $19.6 billion handle posted for 2023/24. The state's GGR for the year so far stands at $1.17 billion, reflecting sustained growth in the sports betting market. With five more months of reporting to come, it is likely that New York will continue to break records in both handle and revenue.

FanDuel, the state's top operator, maintained its lead in October, posting a sports wagering handle of $907.6 million, up from $784.2 million in September. Despite this growth in handle, FanDuel’s GGR dropped to $77.3 million from $97.9 million in the prior month. DraftKings, another major player, recorded a handle of $813.7 million and a GGR of $58.9 million for the month. Both operators are at the forefront of New York's rapidly expanding market, with FanDuel continuing to dominate in terms of overall wagering volume.

Since the 2018 repeal of PASPA, which allowed states outside Nevada to regulate sports betting, New Jersey emerged as a leader in the sector. However, New York has steadily asserted itself as the top state for sports betting, regularly posting handles above $2 billion. This trend signals New York’s growing prominence in the U.S. sports wagering market, likely positioning it as the industry's largest player for the foreseeable future.

New York set a new sports wagering record in October 2024 with a $2.3 billion handle, surpassing previous highs and reinforcing its position as the leader in U.S. sports betting.

Conclusion

New York’s October 2024 sports wagering handle of $2.3 billion marks a historic achievement for the state, reinforcing its status as the national leader in legal sports betting. While GGR saw a dip compared to September, the state’s long-term trajectory remains strong, with a year-on-year revenue increase and a robust outlook for the remainder of the fiscal year. The state's sports betting market, led by operators like FanDuel and DraftKings, continues to evolve as one of the most lucrative sectors in the U.S. gaming industry.