New York Sportsbooks Break Record Industry

New York Sportsbooks Break Record in September

By Amelia Walker Senior Content Writer Updated: 18 October 2023

Amelia Walker Senior Content Writer

Amelia Walker is a Senior Content Writer at Betting.US. She has a law degree and deep knowledge of the gambling laws in the United States. Her mission is to keep players informed about responsible gambling, while her passion for sports helps her create useful guides. Amelia has over a decade of experience in betting, which has positioned her as a trusted voice among our readers.

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Official figures recently released by the New York State Gaming Commission show that the state’s sports betting industry continues to thrive.

The State Gaming Commission unveiled a record $166.8 million in sports wagering adjusted gross revenue for the month of September. This is the second-highest monthly total in the U.S. since the overturning of the Professional and Amateur Sports Protection Act (PASPA) back in 2018.

The previous New York record was set in March and stood at $163.6 million. This new figure is only surpassed by Ohio’s impressive $209 million recorded this January.

According to officials, New York has been consistently setting high standards, contributing 17 of the 20 state monthly revenue totals that exceeded $100 million. The latest figures have delighted sports betting officials across the state, and this marks the start of a busy period with a host of major sporting events.

A Huge Amount Wagered

The data shows that the state’s dozen sportsbooks – eight mobile and four commercial retail – processed nearly $1.77 billion in wagers. This huge sum positions September’s handle as the third-highest monthly record both in the state and nationally. It trails just behind January’s figure, which was close to the $1.8 billion mark.

DraftKings, which is one of the leading operators, was the market leader when it came to handle. According to SBCAmericas:

Per operator, DraftKings was the market leader in terms of handle, with $710.5m wagered on the platform. Meanwhile, FanDuel was in second place, as bettors placed $682.5m on its sportsbook app. Rounding off the top three was Caesars, which generated $174m in bets.

Year-on-year, the handle saw an impressive 39.8 percent growth compared to the same month in 2022. However, the revenue increase was 15 percent, a reflection of the 9.4 percent hold, which is two percent lower than the previous year. The state holds the record for the top 13 monthly national handles since the post-PASPA period began, ten of which surpassed $1.5 billion.

Operators Pay $84.6 Million in Tax

These successful operations have considerably benefited New York’s finances. The state enjoyed an impressive $84.6 million in tax revenue for the month, taking 2023’s total past the $600 million mark. This also means an all-time figure of more than $1.3 billion.

The figures for this year’s tax revenue have already exceeded last year’s by $133 million, with operator revenue standing at $1.19 billion. This marks a 28.2 percent increase compared to the first nine months of 2022.

The state’s success comes after the traditional summer slowdown, which affects sports betting states across the nation. The start of the football season in early September meant that most states were expecting to see a significant increase in activity for the month.

The football season has led to a frenzy of betting in New York and other states, with huge numbers of football and sports fans eager to place bets on their favorite teams.

New York will no doubt be hoping for continued success beyond the football season, with the Super Bowl and March Madness yet to come.