Sports Betting Handle Up In New York But GGR Down In September

The landscape of sports betting in New York has seen significant shifts recently, particularly in September. Despite a notable rise in the overall betting handle, the gross gaming revenue (GGR) has experienced a decline when compared to the previous year.

September marked a pivotal month for sports betting in New York, showcasing both growth in handle and a decline in revenue. The total betting handle reached an impressive $1.80 billion, reflecting a 2.3% increase from the same month last year and a remarkable 25% surge from August.

However, the GGR for September stood at $159.4 million, representing a 3.7% decrease year-on-year. While the numbers may seem contradictory, they highlight the complexities of the betting market, where increased spending does not always translate to higher revenue for operators.

DraftKings has consistently maintained its position as a frontrunner, generating $69.7 million in revenue from a handle of $788.3 million. This results in a hold of 8.84%, demonstrating their effectiveness in converting bets into revenue.

September was the entry of ESPN Bet into the New York market. Launched on September 27, this platform has quickly made its mark. In just four days of operation, ESPN Bet reported revenue of $103,273 from a total betting handle of $4.0 million, achieving a hold of 2.57%.