New York: Gross Gaming Revenue and Handle Hit a Record High

New York: Gross Gaming Revenue and Handle Hit a Record High

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Since the introduction of mobile gambling in New York, numerous records for mobile sports betting handle and mobile sports wagering gross gaming revenue (GGR) have been broken. 

According to data supplied by the New York State Gaming Commission, October was another record-setting month for regulated sports betting companies.

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Sports Betting Handle in October Hits $1.54bn

Last month, regulated operators reported a total betting volume of $1.54 billion. This recorded the third-largest wagering volume since the introduction of mobile Betting and the greatest wagering volume in the previous six months. 

Compared to September, when the betting handle capped at $1.26 billion, the result from last month demonstrated an almost 23% growth.

While the betting volume climbed, so did the mobile sports betting GGR during the period. In October, mobile sports betting GGR surpassed $145.7 million, setting a new record. 

This result indicated a modest gain from the previous month, when mobile betting GGR reached $143.3 million. Nevertheless, last month’s performance was the best in the previous six months.

Considering the growth in wagering volume and gross gaming revenue from mobile betting, platform providers’ net revenue and taxes also grew. Currently, mobile sportsbooks in New York are subject to a 51% tax, which amounts to $71.4 million in net revenue for sportsbooks and $74.3 million in tax revenue from the $145.7 million in GGR. 

Various educational initiatives, as well as local and county governments, profit from the tax revenue generated.

Month-over-month comparison of the $71.4 million in net revenue for the operators reveals a little improvement, considering that in September the net revenue for sportsbooks stalled at $70.2 million. 

However, last month’s number represents the greatest net revenue reported in the previous six months. Similarly, the net revenue collected from sports wagering taxes was the highest reported in the previous six months last month.

FanDuel Reports Highest Revenue, Followed by DraftKings

According to a breakdown supplied by the New York gambling authority in October, FanDuel had the largest betting handle and revenue. Last month, FanDuel’s total betting handle was $609 million, equivalent to $76.4 million in GGR. The sportsbook collected $37.5 million of this amount, while the state collected $38,977,222 in taxes.

Last month, DraftKings recorded the second-highest betting volume and revenue of any operator. The total betting handle for the operator in October was $534.6 million, which equates to $20.1 million in net revenue and $20.9 million in taxes for DraftKings.

Caesars posted the third-highest betting volume and revenue last month. In October, the sportsbook’s betting handle reached $195,2 million, generating $14.9 million in mobile sports wagering gross wagering revenue. 

The state collected $7.6 million in taxes in October, while Caesars’ net revenue for the month was $7.3 million.

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About Lou De Aguila

Lou Aguila is a contributor to Golden Casino News. For over a decade, Lou has published news and featured articles for some of the most reputable sports betting and online casino sites in the world, including BetNow.UK, VegasOdds, and BWin. Apart from being a hardcore live casino punter, he also covers sports stories in North American leagues from time to time.