New York sportsbooks continue to show us just how lucrative sports betting is. In September, their numbers were able to help them reclaim their position in the exclusive $2 billion handle club. The Empire State’s market stays on top of the latest news headlines as it posted an impressive $2.07 billion in wagers, marking a 17.6% increase year-over-year and securing its place as the only state to achieve this milestone.
These numbers represent the third-highest handle since the launch of sports wagering in January 2022 and stand as the highest monthly total for 2024 so far. With truly remarkable numbers, it is a great indication that the sports betting industry is still growing. And that means there is space for those who want to earn from sports betting. If you can learn what is pay per head software, you will then discover how you can become a bookie easily.
New York Sportsbooks See Surge in Numbers
The surge in betting activity can be attributed to the return of the NFL and college football seasons, with September offering a full month of football betting action. This resulted in a substantial 44.3% increase in handle compared to August.
In addition, the New York Gaming Commission reported revenue of $204.7 million, showing a 23.6% year-over-year growth and a significant 63.8% jump from August’s $125 million. This marks the third month in 2024 where revenue exceeded $200 million, falling just short of January’s record $211.5 million. The hold rate of 9.9% showed improvement, rising half a point from September 2023 and over a point from the previous month. When you manage your own sportsbook, you will want to see your hold rate reach the double-digits for more revenue. But 9% is still slightly above average.
The State Earns More, Too
New York’s unique 51% tax rate on sports betting revenue continues to benefit the state significantly, with September’s activities contributing $104.4 million to state coffers. This pushes the year-to-date tax revenue beyond $750 million, underscoring the lucrative nature of the state’s sports betting market.
However, recent weekly data suggests a slight cooling off, with the week ending October 6 showing a 3.8% decrease in handle to $496.2 million compared to the previous week’s $516 million. Despite this minor dip, revenue remained strong at $52.5 million, just marginally below the previous week. Furthermore, it also marked consecutive weeks of over $50 million in revenue and double-digit hold rates, a feat not seen since May.
And with basketball season starting soon, expect to see better numbers. Both the National Basketball Association (NBA) and NCAA Basketball are popular amongst sports bettors. This means there is no better time than now to open your own sportsbook. This pay per head bookie software can help you create and manage your own online sportsbook easily.
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