Consumers in New York spent a record $2.32 billion (£1.79 billion/€2.15 billion) in October, the most ever wagered on sports online in a single month in the US, although a weaker hold meant revenue declined.
Data from the New York Gaming Commission shows a 14.9% year-on-year increase in player spending. The October figure also surpasses September by 15.4% and clears the existing record of $2.12 billion, set in November last year, by 9.4%.
However, despite record handle, monthly revenue came in around $35.0 million under New York’s all-time high. For October, revenue from online sports betting was €176.3 million, up 5.7% from last year but 14.5% behind September. This missed the state’s record – $211.7 million in January 2024 – by 16.7%.
In terms of hold across all licensees, this stood at 7.60% for October. This marks a decline on September’s 9.9% hold and comes as DraftKings downgrades its full-year earnings forecast in the wake of “customer-friendly sport outcomes” early in Q4.
The month marked something of a changing in the guard, as Fanatics enjoyed its strongest month in New York to date, while ESPN Bet completed its first full month of mobile betting in the state.
FanDuel retains the lead in New York while Fanatics leapfrogs Caesars into third
As for individual operators, Flutter-owned FanDuel continues to rule the roost. During the month, it posted $77.3 million in revenue from €907.6 million in bets for an 8.52% hold.
DraftKings again had to settle for second place. For October, it generated $58.9 million from $813.7 million in wagers, leaving a 7.24% monthly hold.
The next closest challenger was Fanatics with revenue of $12.4 million and a $178.4 million handle, meaning a 6.95% hold moves it above BetMGM, last month’s third-placed brand Caesars.
For October Caesars generated revenue of $10.9 million from $155.1 million for a 7.03% hold.
BetMGM recorded higher handle than Caesars at $161.3 million, although a weak 5.89% hold meant revenue came to $9.5 million. Rush Street Interactive generated GGR of $3.5 million off $45.8 million in wagers, a 7.64% hold.
How did ESPN Bet perform in its first full month in the Empire State?
While Penn Entertainment’s launch of ESPN Bet has yet to hit the heights promised in the wake of the deal, management has long talked up its New York launch as a key milestone for the business.
That launch finally happened on 27 September. Penn CEO Jay Snowden initially hoped for an August rollout, but had to wait for the New York State Gaming Commission to meet on 23 September for the green light.
In October, players wagered $40.8 million via the ESPN Bet app, having staked $4.0 million in the last three days of September. From this ESPN Bet generated GGR of $3.2 million, a 7.84% hold. Penn said early deposits were 100% higher than in other states at an investor day in October this year.
Snowden then described ESPN Bet’s New York customers as “higher quality” following its Q3 earnings earlier this week, pledging to focus on customer retention and reactivation rather than promotional offerings in the Empire state.
This meant it beat the likes of Bally Bet, which reported handle of $11.1m and revenue of just $304,513. That’s a 2.75% hold.
Rounding out the market was Resorts World Bet with $7.3 million wagered and a 3.74% hold leaving revenue of $274,358.
