In October 2024, the New York State Gaming Commission unveiled impressive figures in its monthly report, showcasing a new record sports wagering handle of $2.3 billion. This figure surpasses the previous record of $2.11 billion set in November 2023 and further solidifies New York’s position as the leader in the U.S. sports betting market. As the Empire State continues to break new ground, its impact on the industry is undeniable, especially in a landscape that has evolved significantly since the overturning of PASPA in 2018.

New York State Sets New Record with $2.3 Billion Sports Wagering Handle in October 2024

Unpacking New York’s Record Wagering Figures

The latest data from October demonstrates a significant year-on-year growth in New York’s sports betting handle, climbing from its previous milestone of $2 billion last October by an impressive $300 million. This achievement marks the third consecutive month in 2024 where New York’s sports wagering handle has exceeded the $2 billion mark, further highlighting the state’s dominance in the sector.

For comparison, September 2024’s handle reached $2.07 billion, showcasing consistent growth leading into October. Not only has New York shown robust numbers month after month, but it also boasts a significant cumulative handle of $12.5 billion for the fiscal year, which runs from April to March. With five months remaining in the fiscal year 2024/25, the state is well on its way to surpassing last year’s total of $19.6 billion.

Why October’s GGR Dropped Despite a Higher Wagering Handle

Despite October 2024 seeing record betting activity, the gross gaming revenue (GGR) for the state experienced a decline of 14.9%, bringing the monthly revenue to $176.3 million. This decrease can largely be attributed to higher player winnings, especially with the start of the NFL season—a popular time for sports betting. DraftKings, a leading operator in the state, acknowledged this trend, noting that increased payouts were a factor in the reduced revenue.

However, it is essential to note that despite the drop in GGR for October, New York still reported a year-on-year increase of 5.8%, indicating overall growth and sustainability in the market. The total GGR for the fiscal year 2024/25 has already surpassed the billion-dollar mark, reaching $1.17 billion.

FanDuel and DraftKings Continue to Dominate the Market

Leading the pack in October 2024 was FanDuel, which reported a sports wagering handle of $907.6 million, up from $784.2 million in September. However, FanDuel’s GGR saw a decline, dropping to $77.3 million from $97.9 million the previous month. Following closely behind was DraftKings Sportsbook, which posted a handle of $813.7 million for October with a GGR of $58.9 million.

Both platforms have become powerhouses in the New York market, capitalizing on user engagement during the NFL season. Their combined market share underscores the fierce competition among major sportsbooks in New York, a state that continues to attract bettors in droves.

New York’s Ascendancy Over Traditional Sports Betting States

Since the repeal of PASPA in 2018, which allowed states outside Nevada to regulate sports betting, New York has emerged as the frontrunner in this competitive sector. Historically, states like New Jersey dominated the early days of legalized sports wagering, but New York’s entry into the market in January 2022 marked a turning point.

By consistently posting monthly handles exceeding $2 billion, New York has eclipsed its neighbors and established itself as the leader in the industry. The state’s success can be attributed to its strategic partnerships, competitive tax rates, and a diverse range of betting options available to its residents.

Forecast for the Remainder of the Fiscal Year 2024/25

With only five months left in the fiscal year, New York is poised to continue its upward trajectory. If current trends hold, the state could potentially reach a new annual handle record, surpassing the $19.6 billion mark achieved in 2023/24. Factors contributing to this growth include the ongoing NFL season, upcoming basketball and hockey seasons, and the expected launch of new betting features by major operators.

Moreover, the state’s gaming commission has hinted at exploring additional avenues for growth, including potential expansions into other forms of online gaming, which could further drive revenue.

Conclusion: The Sports Betting in New York

New York’s record-breaking October figures demonstrate the strength and resilience of its sports betting market. As the state continues to innovate and expand its offerings, the future looks promising for both operators and bettors. With a focus on enhancing user experiences and maximizing revenue, New York remains a force to be reckoned with in the evolving landscape of U.S. sports wagering.

FAQs About New York State’s October 2024 Sports Wagering Report

1. What is the new record sports wagering handle reported by New York in October 2024?

New York State reported a record sports wagering handle of $2.3 billion for October 2024, surpassing the previous record of $2.11 billion set in November 2023.

2. How does October 2024’s handle compare to previous months?

The handle for October 2024 exceeded the September 2024 handle of $2.07 billion. It also marks a year-on-year increase from October 2023, where the handle was just over $2 billion.

3. Why did the gross gaming revenue (GGR) decrease in October despite a higher handle?

The GGR for October 2024 decreased by 14.9%, bringing it to $176.3 million. This decline is largely due to higher player winnings, especially with the start of the NFL season, which led to larger payouts by sportsbooks.

4. Which operators led the market in October 2024?

FanDuel led the market with a handle of $907.6 million and a GGR of $77.3 million. DraftKings followed closely with a handle of $813.7 million and a GGR of $58.9 million.

5. What is New York’s total sports wagering handle for the current fiscal year so far?

For the fiscal year 2024/25, which runs from April to March, New York’s total wagering handle has reached $12.5 billion as of October. The state is on track to surpass last year’s total of $19.6 billion.

6. How has the sports betting market in New York grown since the repeal of PASPA in 2018?

Since the repeal of PASPA in 2018, New York has quickly risen to the top of the U.S. sports betting market. After legalizing sports betting in January 2022, the state has consistently posted monthly handles above $2 billion, outpacing early leaders like New Jersey.

7. What are the projections for New York’s sports wagering market for the remainder of the fiscal year?

With five months remaining in the fiscal year, New York is expected to continue its growth, driven by ongoing sports seasons like the NFL, NBA, and NHL. The state could potentially break its previous annual handle record, exceeding $19.6 billion.

8. Why is New York’s sports betting market so successful?

New York’s success can be attributed to strategic partnerships, competitive tax structures, and a wide range of betting options that attract both casual and serious bettors. The state’s focus on expanding and enhancing its offerings has helped maintain its market dominance.

9. What challenges did sportsbooks face in October 2024?

Operators like DraftKings noted challenges related to increased payouts due to higher player winnings, which impacted their GGR figures despite high betting activity. The start of the NFL season contributed to this trend.

10. What future developments can we expect in New York’s gaming industry?

The New York State Gaming Commission is exploring additional online gaming opportunities to drive revenue growth. As the market matures, new features and betting options could be introduced to further boost engagement.