After a slow summer with betting handles below $1 billion in New York, September marked a strong month for licensed mobile sports betting operators in the state, judging by data released by the gambling regulator in the state.
NY Sports Betting Handle Goes above $1B Again
The New York Gaming Commission, the regulator in the state, has announced that the betting handle for licensed operators last month hit $1,256,704,042. The $1.3 billion in betting handle marks a significant increase when compared to the $872.2 million in betting handle reported a month earlier, in August. Additionally, the betting handle in September surpassed the result from July when the betting handle halted at $800.8 billion, the lowest result in the last six months.
Not unexpectedly, with the increase in the betting handle, mobile sports wagering gross gaming revenue (GGR) increased as well. Last month, licensed operators reported a total of $143.3 million in sports betting GGR. When compared to the $99.6 million in sports betting GGR reported in August, an increase of nearly 44% is observed. What’s more, when compared to the $73.3 million in sports betting GGR reported in July, the result from September marks a significant increase.
Operators’ Revenue and Tax Revenue Increases
The current tax rate for online sportsbooks in New York is set at 51%. This means that the $143.3 million in mobile sports wagering GGR breaks down to $70.2 million in net revenue for the platform providers and $73.1 million in revenue toward different education programs and other state initiatives.
Based on figures released by the Gaming Commission in New York, the net revenue for platform providers reported in September was the highest in the last six months. When compared to the $48.8 million in net revenue reported a month earlier, in August, the net revenue in September increased by 43.9%. Similar strong growth was observed in the revenue allocated toward state programs.
FanDuel, DraftKings and Caesars at the Helm of Mobile Sports Betting
The highest betting handle in September was reported by FanDuel. The operator reported $499,820,541 in betting handle which translates to $65.7 million in sports wagering GGR. A further breakdown shows that FanDuel had the highest revenue out of any other mobile sports betting operator last month, hitting $32.2 million in net revenue. The second-highest betting handle last month was reported by DraftKings. The operator reported $422.2 million in betting handle, which translates to $44.9 million in mobile wagering GGR. DraftKings’ overall net revenue last month was $22 million, making it the second-highest revenue. Caesars Sportsbook reported $163.2 million in betting handle last month, the third-highest betting handle. This result translates to $18.6 million in GGR, which means that the operator’s net revenue for the period was $9.1 million.