New York Sets $2.64 Billion Sports Betting Record in October
New York’s online sports betting market set a new record in October, with gamblers wagering a record $2.64 billion, the highest monthly handle in the state’s history.
According to data from the New York State Gaming Commission (NYSGC), licensed New York sports betting operators generated $238.7 million in revenue, a year-on-year increase of 35%. The October figure surpassed the previous record of $2.49 billion, set in January, by more than 6%, and represents a 13% increase over last October.
FanDuel dominated the market and became the first licensed sports betting company in New York to pass $1 billion in handle in a single month. The sportsbook took $1.01 billion in wagers and earned $100.6 million in revenue. Its rival operator, DraftKings, followed closely with a record $938 million in handle and $82.9 million in revenue.
Fanatics secured third place with $205.7 million in bets and $18.7 million in revenue, while BetMGM and Caesars rounded out the top five with $14.4 million and $13.2 million in revenue, respectively. Bettors clearly took advantage of numerous New York sportsbook promos.
However, newcomer ESPN BET, which took in $60.3 million in wagers for $3.4 million in revenue, will soon disappear from the New York landscape after the end of ESPN’s partnership with Penn Entertainment. Penn will reportedly reintroduce its theScore Bet brand in December.
Overall, the state’s October surge underlines the strength of New York’s mobile betting market, which has become the nation’s largest since legalization in 2022.
PrizePicks back in New York
Meanwhile, the New York gaming sector is set to become even more competitive after fantasy sports operator PrizePicks regained its operating license after a year on the sidelines.
The NYSGC confirmed that PrizePicks has been awarded an interactive fantasy sports license and will soon be able to resume offering fantasy contests, after its permit was suspended early last year due to unlicensed operations.
Speaking about the relaunch, the Chief Legal Officer of PrizePicks, Jason Barclay, underlined the steps that had been taken to secure approval,
“We worked diligently to design a game that meets the Commission’s rigorous standards. New York’s decision underscores the idea that innovation in fantasy sports can thrive within a clear regulatory framework.”
PrizePicks halted its paid contests in February 2024 and was required to pay nearly $15 million to settle with the state after regulators determined that it was operating without a license. The dispute arose when New York clarified its rules, banning fantasy games that mimic proposition-style sports bets.
State Senator Joseph Addabbo, who is a leading advocate for regulated gaming, welcomed the company’s return,
“By issuing this license, the Gaming Commission is making a clear statement that our state will continue to embrace innovative Daily Fantasy Sports (DFS) games that provide New Yorkers with safe, skill-based contests they can enjoy with friends, family, and fellow sports fans.”
