The billion-dollar ways of New York online sports betting continued in October. Yet it fell short of expectations.
With football season in full swing, with the starts of the NBA and NHL seasons, and with the World Series getting into gear, NY sports betting last month totaled $1,543,789,024 in handle. It marks the eighth month of exceeding $1 billion in bets since going live in January.
On top of that, online sportsbooks in New York generated an industry-high $145.7 million in gross gaming revenue, leading to $74.3 million in state tax revenue. Of note, the Empire State topped $1 billion in lifetime NY sports betting revenue.
NY sports betting soaring, but still below expectations
For obvious reasons, the world expected New York to shatter every record known to the legal gambling industry once online sports betting in New York launched.
Certainly the Empire State has shined. It has produced more billion-dollar months in a calendar year than any other jurisdiction with regulated betting.
Even so, and even for New York, performance of late has fallen short of expectations.
Granted, since launching in January, NY online sports betting has generated over $13 billion in handle and more than $545 million in state tax revenue.
Yet initial projections indicated that New York could reach close to $2 billion a month by October. Obviously, that was not the case. This is certainly a result of the state’s steep tax rate on online sports betting, which disincentivizes betting apps from rolling out frequent promos and bonuses.
Breaking down October 2022 NY sports betting revenue
With its highest handle since March, FanDuel Sportsbook NY reported $609.1 million in accepted bets last month. That led to over $76 million in gross gaming revenue, the sportsbook’s highest total since the industry launched in January.
Also going big in October, DraftKings Sportsbook NY posted $534.6 million in handle for its biggest total since launch and an increase of over $112 million from September. Similarly, Caesars New York saw a $32 million month-to-month spike with an October handle of $195.2 million.
Both BetRivers Sportsbook NY and Resorts WorldBet had their best handle months yet with totals of $41.8 million and $6.9 million, respectively. Bally Bet NY also had its biggest month with $1.5 million. But that did not translate to a successful revenue month. Bally Bet actually lost $31,000 in October.
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