New York Mobile Betting GGR and Handle Hit Record in October

Many records for mobile sports betting handle and mobile sports wagering gross gaming revenue (GGR) were broken since the launch of mobile wagering in New York. Now, judging by data released by the gambling regulator, the New York State Gaming Commission, October marked another record month for regulated sports betting operators.

Sports Betting Handle in October Hits $1.54bn

Overall, the betting handle reported by regulated operators last month hit $1.54 billion. This marked the third-highest betting handle since the launch of mobile Betting and the highest betting handle in the last six months. When compared to the result from September, when the betting handle halted at $1.26 billion, the result from last month showed an increase of nearly 23%.

While the betting handle increased, so did the mobile sports betting GGR for the period. Overall, mobile sports betting GGR in October hit $145.7 million, setting another record. This result marked a slight increase considering that a month earlier, in September, mobile betting GGR hit $143.3 million. Still, the result from last month was the best for the last six months.

Sportsbooks’ Revenue Increases

Considering the increase in betting handle and mobile betting GGR, the net revenue to platform providers, as well as taxes increased as well. Currently, mobile sportsbooks in New York are subject to 51% tax, meaning that the $145.7 million in GGR translates to $71.4 million in net revenue for sportsbooks and $74.3 million in tax revenue. Different education programs, as well as municipal and county governments, benefit from the collected tax revenue.

Month-over-month comparison of the $71.4 million in net revenue for the operators shows a slight increase, considering that in September the net revenue for sportsbooks halted at $70.2 million. However, the result from last month marks the highest net revenue reported in the last six months. Similarly, the net revenue collected from sports wagering taxes last month was the highest reported in the last six months.

FanDuel Reports Highest Revenue, Followed by DraftKings

According to a breakdown provided by the gambling regulator in New York, FanDuel was the leader in October reporting the highest betting handle and revenue. FanDuel has seen a total of $609 million in betting handle last month, translating to $76.4 million in GGR. Of that total, the sportsbook collected $37.5 million, while the state collected $38,979,222 in tax.

DraftKings was the operator that reported the second-highest betting handle and revenue last month. In total, the operator’s betting handle in October was $534.6 million, which translates to $20.1 million in net revenue for DraftKings and $20.9 million in taxes.

The third-highest betting handle and revenue last month was reported by Caesars. The sportsbook’s betting handle in October hit $195.2 million, resulting in $14.9 million in mobile sports wagering GGR. A further breakdown reveals that the state collected $7.6 million in taxes while Caesars’ net revenue for October was $7.3 million.

Source: Read Full Article