New York Sees Sports Betting Bounce Back
New York has become the largest sports betting market in the United States, and the numbers continue to be extremely impressive. Now that football has returned both at the college and professional level, sports betting totals in New York are expected to set records.
The total sports betting handle for the month of September in New York was $1.26 billion, and they are going to set the tone for other markets throughout the U.S. Even though the state of New York is not hitting totals from earlier this year, it’s clear that this market is showing no signs of slowing down.
It wasn’t just the total sports betting handle that bounced back in September, but the total gross gaming revenue was impressive as well. New York sports betting operators posted a revenue total of $143.3 million in gross gaming revenue to shatter the previous record.
Since January, there have been just two months in which New York did not post a monthly handle of at least $1 billion and those months came in July and August. This is pretty typical for the sports betting industry as there aren’t as many big sporting events taking place throughout the summer.
Not only is New York getting a boost from the return of football, but both baseball teams from New York were making a push to the playoffs in September. The Yankees are still playing in the middle of October, while the Mets bowed out in the NL Wild Card Round.
Impressive Tax Figures
Not only are the handle and revenue figures extremely impressive for the state of New York, but the tax revenue numbers are something like has never been seen before. New York collected $73.1 million in tax revenue in September, and that is easily the largest month on record in the U.S. industry.
The tax rate is currently set at 51% in the state of New York, but there has been a recent push to get that number lowered. Current projections have the state bringing in over $600 million in tax revenue during the current fiscal year.
FanDuel Setting the Tone
FanDuel and DraftKings continue to set the tone when it comes to New York sports betting, even though new options have emerged. While sports betting is available at a number of sportsbooks throughout the state, most of the betting is done at either FanDuel or Sportsbook.
FanDuel Sportsbook has led the way in New York outside of the first few months, and it accounted for nearly 40% of the sports betting handle in September. Draftkings wasn’t far behind in September as the operators nearly brought in 35% of the wagers last month.
There are now nine online sportsbooks in the state of New York that are accepting wagers, but not all of the options are equal.