Sports Betting Handle in New York Bounced Back in September

harrison bader aaron judge new york yankees mlb
Harrison Bader #22 of the New York Yankees celebrates with teammate Aaron Judge #99 after hitting a solo home run against the Cleveland Guardians. Elsa/Getty Images/AFP

The NFL is back in full swing and, in unison, so is New York’s sports betting handle.

NY sports betting handle fell below the $1 billion threshold in July and August, but the Big Apple returned to the top in September for a combined $1.26 billion.

Online sports betting businesses in New York broke a monthly record with $143 million in gaming revenue. This gave the state $73 million in tax revenue – yet another U.S. record.

The NFL Assists NY

The later months of July and August saw New York’s online sports betting operators collect $872 million in handle. This marked the first time the Empire State dropped below the $1 billion mark since its January 8th launch.

Despite the downtrend, it didn’t last long, with the return of the NFL on the horizon. NFL wagering is the most popular throughout the United States, and New York is no exception. Though it wasn’t a surprise to analysts, the return of regular season NFL games saw an increase in online sports betting handle throughout the U.S.

Home Run History Assists NY

NFL is king, but Major League Baseball and the New York Yankees also helped the Empire State surpass the $1 billion mark yet again.

Aaron Judge is on the brink of a history-making moment. The superstar batter for the Yankees ended the 2022 MLB regular season with 62 home runs, one better than Roger Maris (61) and two greater than Babe Ruth (60), as Judge attempts to break the American League and NY Yankees single-season record.

Analysts claimed that Judge had been responsible for most of the MLB player wagers during the 2022 season with 150,000.

Pete Alonso of the New York Mets was also a significant player at the bookies, second to Judge with 75,000. In addition, 38% of the bets placed on Judge arrived in the season’s final two weeks – as he got closer to breaking the record.

The Tax Man

The 51% tax rate for online sports betting businesses operating in New York has been a hot topic since the state’s debut of online wagering. However, the operators involved knew exactly what they signed up for when entering the market. Despite this, they’re pushing for a tax reduction before the 2023 legislative session.

Halfway into the fiscal year, New York has reached $300 million in tax revenue. This is on track to achieve the projected $600 million the state expected to collect between April 1, 2022, to April 1, 2023.

Reaching the $615 million will make it challenging for operators to argue against the state officials that the tax rate should be lowered. That said, you can guarantee they won’t stop trying.

FanDuel and DraftKings

FanDuel and DraftKings have battled for sports betting supremacy in New York since the state’s launch.

The heated chase continues as FanDuel owned 39% of the market share in September, and DraftKings came in a close second with 34%.

DraftKings is expected to partner with ESPN soon, a factor that could alter the tight market share gap.