New York Makes History with $2bn in Online Sports Betting Handle

In October, New York became the first state in the US to process over $2.01 billion in online sports bets, marking a significant milestone in the growing market of legal sports betting. This figure represents a 30.5% increase from October of the previous year and a 14.2% increase from September of this year. Additionally, New York saw a new high in monthly revenue, reaching $166.3 million, a marginal increase from the previous record set in September.

FanDuel, owned by Flutter Entertainment, remained the market leader in New York, bringing in $83.1 million in revenue from online wagers. DraftKings and Caesars followed closely behind, with $59.3 million and $10.9 million in revenue, respectively. Other notable operators included BetMGM, Rush Street Interactive, PointsBet, Resorts World Bet, and Wynn Interactive.

In addition to the record-breaking month for online sports betting, New York saw a major development in its land-based market as New York Mets owner Steve Cohen and Hard Rock International announced plans for an $8 billion casino at Citi Field. The proposed complex would include a hotel, casino, and separate sportsbook site, pending the acquisition of relevant licenses.

Cohen’s plans have been in the works for the past three years, with community engagement and support playing a significant role in the project’s development. The proposed complex also includes provisions for a live music venue, tailgate park, food hall, and 20 acres of new park space, making it an ambitious addition to the New York City landscape.