FanDuel on top as New York breaks $2bn handle barrier in record month
FanDuel secures top spot
FanDuel was the standout leader among the state’s eight active online betting licensees, as it took bets totalling $891.9m in October, equal to around 44.4% of statewide handle.
The operator generated $83.1m in GGR from those bets, or 50% of the total.
Flutter Entertainment, the UK operator that owns FanDuel, will dual list some of its ordinary shares on the New York Stock Exchange in Q1 2024.
DraftKings was the next largest operator in the market, taking bets worth $652.3m or 32.5%. GGR for the firm came to $59.3m, around 35.6% of the total.
Also of note in October were Caesars Sportsbook, Rush Street Interactive and BetMGM, all of which handled bets worth over $100m.Caesars generated $10.9m in GGR from $193.2m in handle, Rush Street generated $3.3m from $114.2m, and BetMGM took $7.2m in GGR from $107.6m in bets.
Further down the list of New York’s mobile betting licensees, PointsBet generated just $1.3m in GGR from $27.7m in handle, while Wynn Interactive made just $313,362 from $12.3m in bets.
Resorts World Bet made a further $894,039 in GGR from $7.7m in betting handle.
The New York market’s former ninth licensee, Bally Bet, stopped taking bets in the state in June this year. The operator is migrating to a Kambi-powered sportsbook from its own software.
New York market growth
October marked the first month in which betting handle surpassed $2bn in New York, as well as being a record high in terms of GGR.
Since launching in January 2022, betting handle has trended upwards in the state, while GGR as a proportion of handle appears to have increased as operators spend less on customer acquisition.
Since launch, operators in the market have handled more than $31.14bn in bets, generating upwards of $2.7bn in GGR in the process.
The total proceeds sent to New York’s tax fund since launch are more than $1.38bn.