The state of New York bounced back emphatically from a poor summer with record sports betting revenue of $165.5 million in September.
Financial reporting for August showed New York mobile sports betting revenue drop below $100 million for the first time in a year, reporting $98.6 million. September’s $165.5 million was a 67.8% increase month-over-month and a rise of 15.6% year-over-year.
Handle fell just $30 million shy of an all-time record, with the resumption of the National Football League not quite enough to push total wager volume above that seen during March Madness earlier this year.
Total handle for September was up 58.4% month-over-month, increasing from $1.1 billion in August to $1.76 billion in September. This was an increase of 40.8% year-over-year, and comes in a close second for the state’s record monthly handle.
On an operator-by-operator breakdown, the figures tell an interesting story. As has been the trend across most states that offer legalized sports wagering, DraftKings is the market leader in terms of wagers taken.
In New York, DraftKings saw 58.9% month-over-month growth in handle, rising from $447 million in August to $710.5 million in September. The sports betting behemoth captured 40.3% of the total New York market share by handle, with FanDuel’s 67.6% month-over-month handle growth only enough to secure 38.9% of the total market. FanDuel’s handle grew from $409.1 million in August to $685.5 million in September.
Caesars took third spot by handle, reaching 9.9% market share in September. The company exhibited 44.9% month-over-month growth to take $174 million in wagers in September, up from $120.1 million in August. The only other operator to hold more than 5% market share was betMGM, which, with $100.7 million handle in September, secured 5.7% of total New York mobile sports wagers.
Taxable revenue in the state increased 67.8% month-over-month to give $165.5 million. This is the largest month for taxable revenue in the state’s sports betting history. FanDuel continued the nationwide trend of holding strong margins compared to its main competitors, reporting higher revenue despite lower handle.
FanDuel’s revenue grew 83.1% month-over-month from $42 million to $76.9 million, representing 46.5% of total taxable revenue for New York in September. DraftKings, despite having 40.3% market share by handle volume, recorded just 37.1% share by revenue. The company saw a 73.0% month-over-month increase in revenue from $35.5 million in August to $61.4 million in September.
The margin generated by FanDuel was 11.2%, the only company to hold a double digit margin. DraftKings sat with 7.2%, while Resorts World was lowest at just 2.9%. The margin for all New York operators was 9.4%, but only Flutter owned FanDuel posted figures above the benchmark.