New York Sees a Huge Jump in Revenue for the Month of October as the Giants and Jets Keep Stunning Their Doubters
The New York Gaming Commission released its October numbers to the public. The bookmakers keep the trend going, as October noted the third-highest handle this year.
New York Sports Betting Keeps Rolling
There is no doubt that the New York NFL teams are pushing the handle upwards as the Giants and Jets keep proving the doubters wrong. The adjusted revenue figures are another highlight as bookmakers combined to register a total of $145.7 million.
The average hold in the Empire State was 9.4 percent, which was also two percent lower than the previous month. However, the slight decrease didn’t affect the revenue numbers for the month. Despite the drop, the revenue numbers increased compared to the month-to-month numbers.
The house barely set a new revenue record in the state. Since the launch began on January 8th, it’s the eighth time the jurisdiction surpassed the $1 billion handle mark.
During the preseason, many NFL experts and fans doubted the NFL teams. Most expected the Buffalo Bills to find success early; however, the Giants and Jets are doing the unthinkable, as both have winning records and are second in their respective divisions.
The NBA and NHL have also played roles in the Empire State, as usual. Additional tax revenue of $74.3 million was collected by the state and crossed the $500 million overall mark for the year. There are still two more months left in the fourth quarter of this year.
Can Anyone Top FanDuel in New York?
The number of weekends in October is much higher than in most months of the year. With $609.1 million in handle, FanDuel cleared $600 million for the second time this year.
Moreover, it held onto a double-digit share for the fourth straight month, this time at 12.6 percent. The platform accounted for 52.5 percent of the mobile market revenue, with $76.4 million.
DraftKings may not be on FanDuel’s level, but it continues to make strides of its own in the state. While accepting a record $534.6 million in wagers, the bookmaker has taken 34.6 percent of the market share. The hold may have dropped by approximately three percent, but it’s the first time the platform has accepted more than $500 million in bets during any given month.
Caesars‘ hold plunged even more when compared to DraftKings; despite the handle going up by 20 percent to $195.2 million, revenue has decreased by 19.6 percent to $14.9 million.
BetMGM is the only other sportsbook to stay in the nine-figure category in terms of the monthly handle. As a result, the operator accepted a total of $106.2 million for the first time since May.
On a 7.7 percent win rate, revenue slipped 4.4 percent to $8.2 million. Unfortunately, Bally Bet was the first mobile operator to post a monthly loss in New York, paying $31,467 over the $1.5 million it accepted.
The Empire State Will Most Likely Close the Year Strong
After a tough summer, New York looks to close out the year strong. As far as 2023 goes, the Empire State will remain the sports betting capital in the nation as both measures in California fail miserably.
Texas and Florida still have a long way to go before the two states get anything going. The November numbers will most likely be out in the next three to four weeks.
