In recent years, sports betting has rapidly emerged as one of the most lucrative and profitable industries in the United States. The state of New York serves as a prime example of this undeniable trend, where the mobile sports betting market is witnessing unprecedented growth. In September, New York’s mobile sports betting revenue soared to an all-time high of $165.6 million, revealing a remarkable surge in interest and engagement in sports betting activities.
The Growing Popularity of Mobile Sports Betting
The notable increase in revenue, which saw a 15.6% rise from $143.3 million in September 2022, is a strong testament to the growing popularity of mobile sports betting within the state. Furthermore, the statistics released by the New York State Gaming Commission indicate a staggering 68.1% increase in revenue compared to August 2023, where the figures stood at $98.5 million.
But it doesn’t stop at revenue. The total handle for mobile sports betting in New York also experienced substantial growth, reaching $1.76 billion in September. This figure reflects a notable increase of 39.7% compared to September 2022, when the total handle was $1.26 billion. Compared to August 2023, which recorded $1.11 billion, there was a striking 58.6% surge in the handle. The September numbers stand as the highest monthly betting activity since March when $1.79 billion was wagered in New York.
Industry Leaders
Unsurprisingly, industry giants FanDuel and DraftKings continued to dominate the market, further solidifying their positions as key players in sports betting.
FanDuel, owned by Flutter Entertainment, led the market in terms of revenue, with a robust gross gaming revenue (GGR) of $76.9 million for September. The platform also processed an impressive $682.5 million in mobile wagers.
DraftKings, FanDuel’s long-standing competitor, secured the second position with GGR of $61.4 million and an even higher handle of $710.5 million, which marked the highest in the state.
The Success Continues
Caesars, ranked third in terms of GGR with $12.6 million, handled $174.0 million, while BetMGM followed closely with $8.2 million in GGR generated from $100.7 million in mobile wagers. The market also saw contributions from Rush Street Interactive, with $4.2 million in GGR from a handle of $50.1 million.
Notably, PointsBet, with $1.6 million in GGR from $23.8 million in total bets, marked its final month of operation under the PointsBet brand. This change came as Fanatics Betting and Gaming completed the acquisition of its operations in New York and Wyoming.
Resorts World, recording $246,386 in GGR from $6.8 million in bets, and Wynn Interactive, reporting $366,842 in GGR from $10.9 million in wagers, also maintained a presence in the market.
Bally Bet, however, remained closed for the third consecutive month as the brand focuses on enhancing its offerings in New York. To achieve this, Bally Bet enlisted the services of sports betting supplier Kambi and PAM platform solution provider White Hat Gaming.
The Future of Sports Betting in the United States
The record-breaking revenue generated by New York’s mobile sports betting market is a reflection of the growing appetite for sports betting across the nation. With every passing month, it becomes increasingly evident that sports betting has transcended its status as a mere hobby and has transformed into a thriving industry.
The competitive landscape is evolving rapidly, and industry leaders are capitalizing on the enthusiasm of bettors. As the New York betting market continues to flourish, this dynamic industry will inevitably play a pivotal role in the future of sports entertainment across the United States.
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