New York Sports Betting Back Over $1 Billion
Now that football is back in action, New York sports betting saw plenty of betting action in September. Last month set the stage for what should be a record-setting fall.
New York Sports Betting Back Over $1 Billion
Even the mighty state of New York was not immune to the sports betting slow down that occurs every summer throughout the United States. The summer sports calendar is just too light to produce a ton of betting action, but that all changes again once football returns.
As expected, the total sports betting handle in New York was back over $1 billion in September and it was football that led the way. New York sportsbooks actually saw over $1.2 billion in revenue last month, and it set some industry records in other categories.
The gross gaming revenue in the state of New York was $143.3 million to set a new state and industry record. Sportsbooks were able to win a high percentage of wagers placed to establish a new record that could be challenged over the next few months.
Not only was the revenue a new record, but the state of New York was also able to collect $73 million in tax revenue to set a new mark. New York continues to have a tax rate of 51% and it allows the state to cash in from sports betting.
New York sports betting is the first state to announce September sports betting numbers, but it will remain on top even after more reports come in. This state continues to take some of the action from New Jersey as it has turned that market into a mess over the last few months.
With a full month of football on the calendar for October, it is expected that the total sports betting handle could set a new industry record.
Leaders Staying on Top
One thing that hasn’t changed over the last few months in the state of New York is that FanDuel and DraftKings continue to lead the way. Those two sportsbooks combined to bring in 73% of the total handle in September and that’s not unusual for this market.
FanDuel Sportsbook had a total sports betting handle of $499.8 million last month, and DraftKings was second on the list at $422.2 million. The battle for third place has been interesting at times, but it was Caesars that claimed that spot with $163.1 million.
Massive Projections For 2023
After the massive success of New York sports betting online since the launch in January 2022, the tax revenue projections for Fiscal Year 2023 are massive as well. Governor Kathy Hochul wasn’t shy about what she expected from sports betting in this fiscal year as she projected a tax revenue of $357 million in her budget.
The 2023 fiscal year actually started in April in New York, but the first six months saw over $163.7 million in tax revenue for the state. Now that football is back throughout the country, New York sports betting should see those monthly revenue totals jump up in a big way.
