In September 2023, New York’s mobile sports betting market saw remarkable growth, achieving the second-highest handle in its history. The key aspects to highlight in this revised article include the surge in betting activity, the substantial revenue generated, the market leaders, and the tax contributions.
Record-Breaking Betting Activity
New York’s mobile sports betting handle soared to an impressive $1.76 billion in September, marking a substantial 60% increase compared to August and an impressive 40.8% year-on-year growth. This remarkable achievement demonstrated the New York market’s continued strength in online wagering, as it was the 17th time in the last 20 months that the market surpassed the $1 billion mark in wagers. The September 2023 handle now stands as the second-highest in history, trailing only behind the record set in March of the same year.
Revenue on the Rise
Revenue figures also saw a significant boost, reaching $165.6 million. This represented a robust 15.6% year-over-year increase and a staggering 68% month-over-month growth. Notably, this is the second time that the monthly revenue has surpassed the $160 million mark, indicating the consistent financial success of New York’s mobile sports betting market.
Market Leaders
In this thriving market, DraftKings emerged as the market leader in terms of handle, with a substantial $710.5 million in bets. FanDuel secured the second position with a close $682.5 million in wagers, making the competition for dominance intense. Caesars rounded off the top three, accumulating $174 million in bets. These three industry giants have been pivotal in driving the market’s impressive growth and competitiveness.
Boosting State Revenue
One notable impact of this burgeoning market is the substantial tax contributions made by online sports betting operators. In September, they collectively paid $84.4 million in taxes, marking the highest monthly total yet. This significant financial contribution has been instrumental in bolstering the state’s revenue and further solidifying the case for the growth of the online sports betting industry in New York.
New York’s mobile sports betting market in September 2023 displayed robust growth in both handle and revenue. With key players like DraftKings, FanDuel, and Caesars leading the way, and substantial tax revenues flowing into state coffers, the future of online sports betting in New York appears promising, underscoring the continued success of this burgeoning industry.