The nine legal online sports betting sites in New York made record-breaking profits in September with the launch of Fanatics NY as a sportsbook brand in its own right slowly edging near.
Posting the state’s highest-ever revenue figures of $165.6 million as betting on the NFL steamed in with the new season, that figure represented an enormous growth of 68 percent compared with August and a jump of 15.5 percent on September 2022.
Meanwhile, the New York State Gaming Commission has announced it has approved the acquisition of PointsBet by Fanatics, the latest hurdle that the global sports giant had to pass to finally begin operating as a sportsbook in the Empire State.
New York’s overheating sports betting industry shows no sign of cooling. According to the NYSGC, September was the 12th month in the last 13 in which New York’s legal sports betting operators have hauled in more than one billion dollars in handle.
FanDuel retained its position as New York’s biggest sportsbook in terms of revenue as the month ended with a total handle of $682.5 million and a Gross Gaming Revenue return of $77 million.
Huge rival DraftKings continues to push the state’s top dog though and surpassed Flutter Entertainment’s handle number with $710.5 million in bets taken, but with a lower GGR of $61.4 million.
Caesars and BetMGM follow the two leaders, generating handles of $174 million and $100 million respectively during September.
September figures for all of New York’s sportsbooks were as follows:
Resorts World Bet
BallyBet remains closed for business as it continues a wholesale digital refresh with no sign that the brand will relaunch imminently.
September was originally expected to be the final full month in which PointsBet operated in New York. The transition to a ‘new’ betting brand - Fanatics - will now begin in earnest. Fanatics has yet to issue any public utterance as to a timeline for its NY launch.
A speculated start in time for the beginning of the NFL season has long passed and estimates for the dawn of the Fanatics betting brand in New York now range from a late fall/winter embarkation to as long as spring 2024.
It’s been a long road for Fanatics to begin trading as a betting operator in the Empire State after previous failed attempts to gain a gambling license. New York legislation only ever permitted an initial nine legal sportsbooks so the buyout of another brand (eventually PointsBet) was the only route to entry for Fanatics.
Whether it will regret missing out on the continued boiling broth that is sports betting in New York remains to be seen. That said, the industry simply shows no signs of losing heat for some time yet.