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The State of New York has reported its financial results for October 2023 and has revealed that its monthly online sports wagering handle reached $2bn, making it the first state to do so.
This comes alongside monthly gross gaming revenue (GGR) of $166.3m and a total handle in the last seven months of $9.9bn.
New York is the fourth-most populated state behind California, Texas and Florida. It is also home to New York City, the country’s most densely populated city. It is no wonder, therefore, that the state can draw in substantial gambling numbers when compared to other states.
However, another factor to note is the lack of casinos and other land-based gambling outlets in New York, making online sports betting an accessible solution for those living in the state.
While some casinos, or ‘racinos’ as they are known, are in operation in upstate New York, downstate New York, including New York City itself, does not. This is why upcoming licences being offered to three operators for a space in New York City are so lucrative and have resulted in an operator arms race, with everything from light displays to celebrity-endorsed street parties being employed to try and secure a spot.
In New York, the preferred online sports betting provider is FanDuel, which in May held over 50% of the state’s market share. In October, FanDuel generated $891.9m in handle and $83.1m in GGR, above other notable providers including DraftKings and Caesars.
Since April, online sports betting has also been able to generate $474.4m in net revenue for education across New York.
As the gambling landscape continues to shift in the Empire State, it will be interesting to see if these high levels of online sports betting handle continue.
