New York Sports Betting Breaks Records: September Sees $2 Billion in Wagers
September 2023 stands as a monumental month in New York’s ever-expanding sports betting realm, highlighting the state’s increasingly dynamic engagement with legalized gambling. According to revelations from the New York State Gaming Commission, a staggering sum of over $2 billion was wagered by sports enthusiasts throughout the month, marking it as the second most lucrative period since the inception of sports betting in the state back in January 2022.
A Record-Breaking Month
Amidst the excitement of sports events ranging from college football to the start of the NBA preseason, New York’s sports betting landscape hit impressive figures. The total online sports betting handle for September reached an astonishing $2,071,515,109—a significant milestone that only four months in history have surpassed the $2 billion mark. This figure not only reinforces New York’s position as a leading state in the sports betting market but also indicates a burgeoning culture of sports wagering that continues to evolve.
Relevant Comparisons and Insights
September’s performance ranks as the second highest in New York’s sports betting history, closely trailing November 2022, which holds the record at $2,109,294,400. Here’s a brief overview of New York’s top sports betting months:
- November 2022: $2,109,294,400
- September 2023: $2,071,515,109
- December 2022: $2,041,931,893
- October 2022: $2,006,823,408
This expansion reflects not only the sports fans’ increasing eagerness to engage in betting activities but also the effectiveness of state efforts to popularize and streamline the legal betting infrastructure.
Revenue Surge and Tax Impact
Accompanying the soaring handle, September 2023 also produced substantial financial returns for the state. The gross gaming revenue exceeded $204 million, leading to $104.4 million in tax revenue generated from this thriving sector. This month marked only the third occasion where the state garnered more than $200 million in gross gaming revenue since the sports betting market opened its doors.
Top Revenue Months
The following highlights the state’s most lucrative months in terms of gross gaming revenue:
- January 2023: $211,504,815
- September 2023: $204,710,934
- May 2023: $203,347,519
As of now, New York has collected over $4.2 billion in gross gaming sports betting revenue since the launch, emphasizing the industry’s positive economic impact on state resources and operations.
FanDuel and DraftKings Reign Supreme
The competitive landscape among major sportsbooks in New York remains fierce, with FanDuel and DraftKings consistently leading the charge. For September, FanDuel achieved a remarkable $784,185,463 in handle, translating to over $97.95 million in gross gaming revenue. DraftKings, though commanding the higher handle at $788,314,334, reported a gross gaming revenue of $69.7 million, reflecting a noteworthy performance but falling short of FanDuel in overall revenue.
Monthly Breakdown of Sportsbook Performances
Here’s a snapshot of handle and gross gaming revenue amongst the top operators for September:
Handle Totals:
- DraftKings: $788,314,334
- FanDuel: $784,185,463
- Caesars Sportsbook: $147,202,505
- BetMGM: $143,893,873
- Fanatics Sportsbook: $143,196,432
- BetRivers: $43,365,858
- Bally Bet: $10,701,561
- Resorts World: $6,638,825
- ESPN BET: $4,016,258
Gross Gaming Revenue Totals:
- FanDuel: $97,959,724
- DraftKings: $69,705,224
- Caesars Sportsbook: $13,043,864
- BetMGM: $10,271,213
- Fanatics Sportsbook: $8,420,579
- BetRivers: $3,535,474
- Bally Bet: $1,065,148
- Resorts World: $606,436
- ESPN BET: $103,273
The Emergence of New Contender
Not to be overlooked, ESPN BET launched its services in full swing last month, managing to achieve a handle of $4.016 million in just four days of operation, albeit with modest revenue figures.
Conclusion
The data surrounding September 2023 reinforces the reality that sports betting in New York is not only a popular pastime but also a substantial contributor to the state’s economy. With a continuously growing wagering culture and fierce competition among prominent sportsbooks, the Empire State appears to be navigating uncharted waters of sports entertainment and revenue generation. As New York moves forward, sports fans can anticipate a shaping landscape that fosters increased engagement and lucrative opportunities for both bettors and the state alike.
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