NY reports worrying September figures but ESPN Bet makes a splash

Article by : Charles Perrin Oct 15, 2024

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New York has released its September mobile sports betting revenue results, but broadly speaking, it was a mixed picture.

Although overall spending hit $1.8 billion in the Empire State last month, representing a 2.3% increase compared to the same period the previous year, as well as denoting a whopping 25% rise compared to August this year, revenue slowed.

The New York State Gaming Commission revealed that the GGR (gross gaming revenue) for September eclipsed last month’s total by 27.5%. However, in returning GGR of $159.4 million, this depicted a 3.7% year-on-year fall.

However, from an ESPN Bet perspective, things look rather positive.

Figures highlighted that ESPN Bet, which only went live at the end of last month, generated over $100 million in revenue from $4 million in total bets placed, giving them a 2.57% hold.

To further underline its impact, ESPN Bet’s daily handle per user in its first week of business was 29.6% higher than any other state it has a presence in. Currently, the ESPN Bet platform operates in 19 states.

But as things stand, DraftKings remains the operator to beat. In fact, it is still quite far out in front.

Last month, DraftKings chalked up $69.7 million in revenue off a $788.3 million handle, giving them a hold of 8.84%.

FanDuel came in second with $52.6 million reported in revenue from $511.6 million in total bets, with a hold of 10.28%.

At first glance, the figures that have come out aren’t the most flattering for the New York mobile sports betting industry.

However, with ESPN Bet now in the picture, perhaps this will help raise the game of the other operators around them in the last few months of 2024.