Data from the New York Gaming Commission shows a 14.9% annual increase in player spending. October’s number also surpasses September by 15.4% and surpasses the existing record of US$2.12 billion, set in November last year, by 9.4%.
Fanatics is the best performer in the New York market
However, despite the record movement, monthly revenue was around US$35 million below New York’s all-time record. In October, online sports betting revenue was €176.3 million, an increase of 5.7% compared to last year.
But this revenue was still 14.5% below September. That missed the state record — $211.7 million in January 2024 — by 16.7%.
In terms of retention across all licensees, this stood at 7.60% in October. Thus, revenue marks a decline compared to September’s 9.9% retention.
The analysis also comes at a delicate time for DraftKings. The bookmaker downgraded its full-year earnings forecast following “customer-friendly sporting results” at the start of the fourth quarter.
The month marked something of a shift in projection, as Fanatics had its strongest month in New York to date. ESPN Bet completed its first month of mobile betting in the state.
FanDuel maintains its lead in New York, while Fanatics overtook Caesars, which is currently in third place
But as far as individual operators go, Flutter-owned FanDuel continues to dominate. During the month, it recorded US$77.3 million in revenue from €907.6 million in bets, representing an 8.52% share.
DraftKings again had to settle for second place. In October, it generated $58.9 million from $813.7 million in bets, representing a monthly share of 7.24%.
Launch of ESPN Bet in the Empire State
The closest competitor was Fanatics, with revenue of US$12.4 million and turnover of US$178.4 million, which means that a 6.95% share puts it above BetMGM, third place in the rankings. last month.
In October, Caesars generated revenue of $10.9 million, up from $155.1 million, representing a retention of 7.03%.
BetMGM saw a larger turnover than Caesars at $161.3 million, although the weak 5.89% share resulted in revenue of $9.5 million. Rush Street Interactive generated $3.5 million with $45.8 million in bets, a 7.64% retention.
But while Penn Entertainment’s launch of ESPN Bet has yet to reach the heights promised in the wake of the deal, management has long spoken of the New York launch as an important milestone for the business.
That launch finally happened on September 27th. Penn CEO Jay Snowden initially expected an August launch, but had to wait for the New York State Gaming Commission to meet on September 23 to receive the green light.
New York players are the most qualified
In October, players bet US$40.8 million through the ESPN Bet app, having wagered US$4.0 million in the last three days of September. As a result, ESPN Bet generated a GGR of US$3.2 million, a retention of 7.84%.
Penn said initial deposits were 100% higher than in other states at an investor day in October this year. Snowden then described ESPN Bet’s New York customers as “higher quality” following its third-quarter earnings earlier this week, promising to focus on customer retention and reactivation rather than promotional offers in the Empire State.
This means it surpassed companies like Bally Bet, which recorded a turnover of US$11.1 million and revenue of just US$304,513. This represents a retention of 2.75%.
Completing the market, Resorts World Bet, with US$7.3 million bet and a retention of 3.74%, leaving revenue of US$274,358.
