New York Sports Betting Sets New Record
Another month, and another record for New York sports betting has been set now that the October totals have been announced. The latest report from the New York State Gaming Commission shows that the total revenue for the month was a record at $145.7 million.
This is now the second straight month in which New York sports betting has set a new record in terms of revenue, but the total grew by just 1.2%. Sportsbooks in the state did not have as successful of a month in October as they did previously as the hold percentage dropped to 9.4%.
Total sports betting handle for the month of October presented a huge increase from September as the total was over $1.55 billion. This is already the fourth time in ten months that New York sports betting has posted a total handle of more than $1.5 billion, and it’s the only state to ever reach that amount.
New York sports betting continues to have a tax rate of 51% for all sports betting revenue, and it’s leading to massive hauls for the state. Sports betting brought in nearly $75 million again in October, bringing the 2022 total to over $500 million.
FanDuel Not Slowing Down
It takes all of the operators in the state having a big month to achieve these numbers, but FanDuel Sportsbook was once again leading the way. The numbers from FanDuel during the month of October were massive as the total handle was $609 million and the total revenue was $76.4 million.
DraftKings Sportsbook continues to be the only real threat to FanDuel, even though the numbers still aren’t very comparable. DraftKings had a total handle of $534.5 million in October, with a total revenue of $41 million.
Caesars and BetMGM are battling it out for the third spot, but they are well behind the two leaders. The four retail sportsbooks in New York combined for just over $11 million in total handle.
Online Casinos Coming to New York Sports Betting?
Senator Joseph Addabbo was instrumental in getting the online sports betting industry up and running in New York, and he now has his sights set on another online gambling option. Addabbo plans to begin working on online casino bills, and he already has the support of Governor Kathy Hochul.
Not only does Addabbo want to get online casinos legalized at some point in 2023, but he wants to get it done as early as January. The casino industry in the state of New York continues to be smaller than many other states, but adding online options would create a huge boost.
The biggest argument against online casino gambling is the threat of problem gambling, and Addabbo has made it clear that he is taking that concern to heart. With how successful sports betting has become, the online casino industry should be able to take off and flourish as well.
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