New York sportsbooks had a booming month in October, breaking records with a total of $2.3 billion in bets placed. This marked the second month in a row and the fifth overall where New York sportsbooks surpassed the $2 billion mark in bets. No other state has come close to reaching this milestone in a single month.
Despite the massive amount of bets placed, New York sportsbooks came out on top with a net win of $176.4 million in October. This was a slight decrease from the previous month’s $204.7 million win. The success of New York sportsbooks in October can be attributed to the deep playoff runs of the New York Yankees and New York Mets, as well as the start of the NBA and NHL seasons.
However, it wasn’t all smooth sailing for the betting public in October, especially in the NFL. DraftKings, a major player in the sports betting industry, had to adjust its revenue guidance for the fourth quarter due to “customer-friendly sport outcomes” during the month. Only 15 NFL underdogs managed to pull off outright upsets in October, compared to 26 in September.
Overall, October was a record-breaking month for New York sportsbooks, showcasing the continued growth and popularity of sports betting in the state. With more and more people getting involved in sports betting, the industry shows no signs of slowing down anytime soon.