In the competition for a casino licence in New York City, the state’s sports betting revenue also reached $166.3 million. In October 2023, the State of New York announced its financial results, revealing that the monthly online sports wagering handle reached $2 billion, marking a significant milestone as the first state to achieve this. The state also reported a monthly gross gaming revenue (GGR) of $166.3 million, contributing to a total handle of $9.9 billion in the last seven months.
New York, the fourth-most populated state in the U.S. and home to densely populated New York City, has the ability to attract substantial gambling numbers compared to other states. The absence of casinos and other land-based gambling outlets in downstate New York, particularly in New York City, makes online sports betting a convenient option for residents.
While there are “racinos” (casinos with attached racetracks) in upstate New York, downstate New York lacks such establishments. This scarcity has intensified the competition among operators for upcoming licenses, especially for a presence in New York City. The competition has led to an operator arms race, with various tactics such as light displays and celebrity-endorsed street parties employed to secure a spot.
FanDuel is the preferred online sports betting provider in New York, holding over 50% of the state’s market share in May. In October, FanDuel recorded a handle of $891.9 million and a GGR of $83.1 million, surpassing other notable providers like DraftKings and Caesars.
Since April, online sports betting has contributed $474.4 million in net revenue for education across New York. The evolving gambling landscape in the Empire State will be closely monitored to observe the sustainability of these high levels of online sports betting handle.
