In October, the gross gaming revenue (GGR) of New York State’s nine online sports betting brands reached over US$145 million, the largest monthly GGR since its launch in January. In October, the brands collected a total handle of over US$ 1.5 billion. October’s volume is 22.8% higher than September’s. For the month of October, GGR hit approximately US$145.7 million, which equates to a hold of 9.4%.
It seems that mobile sports betting is back in full swing in New York State after a relatively quiet summer. According to the latest reports from the New York State Gaming Commission, in October, online sportsbooks reported over US$145 million in gross gaming revenue for the state. Since its launch, this is the largest monthly registered GGR.
The Empire State became the first state to accept online sports bets on January 8, 2022. The rest five have also made their way into the market and are now fully operational. Although it runs under a limited model, the market quickly transformed into the top legal mobile sports betting jurisdiction in the U.S.
Billions of dollars were wagered for October
According to the New York State Gaming Commission, in October, the nine sportsbook brands collected a total wagering handle of over US$ 1.5 billion. The amount is more than double what it was in September. A monthly record for the state was set in October, with GGR hitting approximately US$145.7 million, which equates to a hold of 9.4%.
October revenue was slightly higher than the previous month, which was US$143.3 million. In October, the operator hold was 9.4%, which is lower than the one of 11.4% in September. The monthly handle is the largest one for the state since March, and it has been going up since the return of the regular NFL season in September.
sportsbook operators in the state are taxed at a hefty 51% and the increase in gross gaming revenue is good news for the local government. The US$145 million in GGR equates to approximately US$74.3 million in tax revenue for the state. A record-breaking month for tax revenue is also a result of a record-setting month for mobile sports betting revenue.
In October, the sportsbook collected the largest share of the market with US$609.1 million in handle and US$76.4 million in revenue. DraftKings had a handle of US$534.6 million and revenue of US$41.2 million. The handle was US$195 million and the revenue was US $14.9 million.
Further online expansion is on the way
The local legislature is pushing towards the legalization of interactive casino games, which may lead to more online gambling options for New Yorkers. iGaming will be one of the priorities for the fiscal budget of the state Sen. Joe Addabbo said. He would like to see fixed-odds betting on horse races added to the state’s mobile sportsbooks.
According to VIXIO GamblingCompliance, the introduction of online gambling in a regulated manner could be beneficial. According to the organization, legalized i gaming could bring in around US$428 million a year for the state. It is believed that the online gaming market would quickly overshadow the already popular mobile sports betting, as it is often seen in other regulated jurisdictions.
The New York sports betting sites generated record revenue in October.