New York Betting Handle Soars to $2.29 Billion in September as NFL Returns

Adam Roarty is a journalist covering sports betting, regulation, and industry innovation for ft777. His coverage includes tax increases in the UK, covering breaking stories in the ever-evolving landscape of US betting such as the... New York‘s sports betting handle surged to $2.29 billion in September, the highest since March, as NFL bettors boosted the country’s biggest betting market. The figure for September this year was up 10.4% from $2.07 billion in September 2024. However, a low hold rate of 8.47% meant that revenue generated by the state’s licensed sportsbooks was down 5.4% from the $204.7 million last year. The New York State Gaming Commission‘s monthly report shows that New Yorkers have already wagered almost $12 billion this financial year. FY2024 saw New Yorkers bet a total of almost $24 billion, marking a significant increase from the $19.89 billion staked the prior year. That figure should be eclipsed again with the biggest betting months still to come. Last year, Empire State residents wagered over $2.2 billion every month of the NFL regular season from October to January. March Madness also leads to high wagers, with the $2.4 billion gambled earlier this year making it the biggest betting month. Sports prediction markets have exploded during this NFL season, with Kalshi recording billions in trading volume over the first few weeks. It is the first time sportsbooks and prediction markets are directly competing during the regular season. Crypto.com and Kalshi launched the first sports markets in January this year, focusing initially on futures and the Super Bowl. The range of markets has expanded exponentially, but even as gamblers have a variety of options, the amount wagered through sportsbooks continues to increase. Investors are worried that prediction markets will take a sizable share of the sports betting market. The stock price of major companies such as DraftKings and Flutter slid, but the fears are so far based on speculation rather than evidence. There are no signs yet that bettors are moving away from sportsbooks to place wagers on platforms such as Kalshi. Users in states with no legal sports betting framework could be making up the majority of prediction market volume. Kalshi has been specifically targeting lucrative markets such as California, Texas, and Florida, advertising legal sports betting. So far, prediction markets have not been able to offer more favorable odds than sportsbooks on NFL matches. As liquidity increases, that could change, but the space is also set to become more crowded. As Polymarket relaunches in the US, the platform is expected to capture a significant chunk of the trading volume. If liquidity spreads across multiple platforms, the chance of odds becoming better than those available at sportsbooks decreases. Whether casual bettors will flock to prediction markets is also questionable. For now, DraftKings and FanDuel continue to attract by far the most bets in New York. DraftKings was the leading sportsbook for handle, taking in 38% of the total bets at just over $870 million. A lower hold rate meant that FanDuel generated more revenue despite taking in around $80 million less in bets. The Flutter-owned operator generated revenue of $77.6 million, compared to DraftKings’ at $66.7 million. DraftKings reported some unfavorable results, noting that the Buffalo Bills‘ comeback win against the Ravens in NFL Week 1 was their worst single-game result ever. Fanatics performed well, taking in the third-most bets at around 10% of the total handle. This was the operator’s best result since launching. ESPN Bet saw modest growth but still only has just over 2% of the market, taking in $47 million in wagers. The PENN-owned operator will need to do better in the coming months to capitalize on ESPN’s partnerships with the NFL. The next few months will give a clearer picture of the impact of prediction markets and whether leading sportsbooks can withstand the test. For now, New Yorkers are continuing to bet in huge numbers at the popular platforms, and we do not expect that to change significantly any time soon. Adam Roarty is a journalist covering sports betting, regulation, and industry innovation for ft777. His coverage includes tax increases in the UK, covering breaking stories in the ever-evolving landscape of US betting...