NY sports betting handle touched $2.32 billion during October 2024, setting a new national record for monthly wagering volume. The figure marks a 14.9% jump from October 2023 and tops the previous US record of $2.12 billion from November 2023.
Sports betting revenue for October came in at $176.3 million, showing a 14.5% decline from September’s results. The state’s 51% tax rate on sports betting continues to deliver substantial returns, with $2.6 billion directed to education funding since January 2022.
NY sports betting maintains its position as the largest US market, processing $58 billion in total wagers since mobile betting launched. The October performance reinforces the state’s status as the premier sports betting jurisdiction nationwide.
NY Handle Tops $2.3B in Record-Setting October
NY sportsbooks processed $2.32 billion in wagers during October 2024. The total surpassed September’s handle by 15.4% and eclipsed the previous high mark of $2.11 billion from November 2023.
Fifth Month Above $2B Mark
October stands as NY’s fifth month crossing the $2 billion threshold. The state remains the sole US market reaching this milestone. Several key sports events fueled the record month:
- Yankees and Mets playoff runs
- Peak NFL regular season action
- NBA and NHL season openers
NFL Action Powers October Results
NFL betting drove the bulk of October’s handle, while MLB playoff games featuring NY teams added significant volume.
The $176.3 million in operator revenue fell below January 2024’s record of $211.7 million. Hold rates dropped to 7.6% across operators as NFL results favored bettors – only 15 underdogs won in October versus 26 in September.
NY’s sports betting success stems from its large player base and strong sports presence. The October numbers cement NY’s spot atop US sports betting markets, with consistent growth in both handle and revenue.
FanDuel Leads NY Market with $97.9M Revenue
FanDuel holds the top spot in NY sports betting, posting $97.90 million in gross gaming revenue. The operator’s 31-month streak at #1 showcases its grip on the market.
FanDuel’s 40% Market Control
The operator’s success comes from strong hold rates, averaging 10.75% revenue retention in 2024. May saw peak performance with a 15.1% hold rate while maintaining 40.6% of NY betting handle. The NY Yankees partnership boosts FanDuel’s market reach.
DraftKings Shows Strong Numbers
DraftKings processed $788.30 million in bets, standing out with:
- Expanded player props markets
- Head-to-head player matchups
- Pre-game betting options
New Players Enter NY Market
ESPN Bet’s NY launch brought $40.80 million in handle and $3.20 million revenue at 7.84% hold. Market watchers see limited room for growth against established books.
Fanatics Sportsbook hit new highs with $143.20 million handle. FanDuel and DraftKings together control 76% of NY online bets, building on their early market entry and tech advantages.
NY Sports Betting Tax Revenue Powers State Programs
NY sports betting taxes deliver major funding for state initiatives. The 51% tax rate on gaming revenue ranks highest nationwide, bringing $800 million to state coffers in 2023.
Education Funding Hits $3.9B Mark
Gaming operations funneled $3.90 billion to NY schools last fiscal year. About 95% of gaming money supports education. Mobile betting contributed $2.60 billion to education between January 2022 and December 2024.
Education dollars support:
- Teacher pay and school operations
- School building upgrades
- State university system
- $5 million yearly for youth sports
Gaming money makes up one in eight education dollars over 12 years, totaling 15% of state school aid.
MTA Gains New Revenue Source
Gaming taxes boost infrastructure spending, especially MTA projects. NYC casino taxes split 50-50 between MTA and state gaming fund. Outside NYC, MTA gets 40% of gaming taxes.
Local areas see direct benefits – host counties receive 5% while municipalities get 10% of gaming taxes from non-NYC facilities. Problem gambling programs secure $6 million yearly from sports betting.
Mobile Apps Drive 90% of NY Sports Bets
Online platforms handle 90% of NY sports wagers, showing bettors’ shift toward mobile apps.
Live Betting Gains Popularity
Mobile access powers real-time betting during games. Players now wager throughout matches on specific plays and quarter results. Football leads all sports for in-game betting volume.
Young Adults Lead Mobile Growth
Key age group trends show:
- 26% of men 18-30 place mobile bets
- 19% of women under 30 bet regularly
- Peak betting frequency hits ages 35-44
- Men 25-34 seek problem gambling help most often
Mobile betting growth raises red flags for responsible gaming. FDU Poll shows 10% of men 18-30 face gambling issues versus 3% overall. Problem gambling calls jumped 26% after mobile launch.
NY gaming regulators note gaps in operator data tracking. The state opened seven regional gambling help centers through its Office of Addiction Services and Supports.
NY Sports Betting Shows Market Strength
NY sports betting stands atop US markets with October’s $2.32 billion handle. The state’s 51% tax rate funds education and infrastructure while setting standards for responsible gaming.
FanDuel and DraftKings command the market through tech advantages and user engagement. Mobile apps now process 90% of bets, bringing both growth opportunities and regulatory challenges.
NY’s betting framework proves successful beyond pure numbers. Education funding and problem gambling prevention receive dedicated support. The model offers guidance for other states exploring sports betting, while keeping responsible gaming central to market expansion.
