New York mobile sports betting record tempered by revenue drop

Article by : Charles Perrin Nov 11, 2024

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More New York residents are using their mobile phones to place sports wagers.

According to the latest figures revealed by the New York Gaming Commission (NYGC) for October, the Big Apple enjoyed a banner month for mobile spending, with a record $2.32 billion laid out by bettors on mobile platforms.

The October figure surpassed September’s return by 15.4%, surging past the now-previous record of $2.12 billion by 9.4%, which was set in November 2023.

Overall, the year-on-year increase of player spending shot up by 14.9%, but the good news was slightly tempered by a weak hold.

While there is some cause for celebration, revenues dipped judging by the October data.

Although revenue was up by 5.7% from last year, it fell by 14.5% in September. As such, NY missed the state record of $211.7 million set in January 2024 by a distant 16.7%.

DraftKings, for example, recently downgraded its full-year earnings forecast as it targeted more “customer friendly solutions” in early Q4.

FanDuel continues to lead the way, posting $77.3 million in revenue from over $900 million in bets placed for an 8.52% hold.

In second place was DraftKings, but the new players have tried to shake things up in a fiercely competitive sports betting industry.

Fanatics had an exceptional month, recording a revenue of $12.4 million from a $178.4 million handle for a 6.95% hold, taking it above BetMGM.

In terms of the newest player, ESPN Bet, which only launched at the end of September, players wagered $40.8 million via the ESPN Bet app, and the company generated gross gaming revenues (GGR) of $3.2 million for a 7.84% hold.

Despite the worry about revenue figures, New York is in robust shape as far as mobile sports betting is concerned. It will therefore be hoping to round off what has generally been a terrific end to the year.