College Football Gives New York’s August Handle a Massive Boost

Thanks to a strong final week of the month, the Empire State avoided another disappointing August handle for the second straight year.

New York has reported a handle of $1.43 billion in August. While that number is the lowest of the year, it is a 29% increase from August 2023. The state ended up with $124.9 million in gross gaming revenue, which led to $63.7 million in tax revenue. 

DraftKings led all sportsbooks with a $526 million handle for the month, followed by FanDuel with $511 million.

College Football Led to Impressive Numbers

The college football season kicked off in the last week of August, leading to a spike in wagers. The New York State Gaming Commission reported that the state saw $401 million in wagers in the week ending September 1. That accounts for almost a third of the wagers for the entire month, leading to the massive spike in 2024.

In addition to college football, the state also got a boost from the 2024 Paris Olympics. While not as popular as pro sports in the US, the games did see its fair share of wagers.

New York Set for Profitable Football Season

The impressive final week of August is just the start of a massive football betting season in the Empire State. The American Gaming Association predicts a massive $35 billion handle for the NFL season alone, a 30% increase from the previous season.

NFL and college football dominate the US betting market, and New York may have one of the best teams in the league. The New York Jets are considered a Super Bowl contender for the first time in a long time, and it is expected to lead to more fans wagering on games. 

DraftKings Already Recovered From Surcharge Fiasco

DraftKings finished August as the leader in handle for the first time since May. FanDuel had dominated the market over the summer, but that appears to be shifting as we head into the football season.

While DraftKings is one of the top operators in the US market, it is recovering from a PR fiasco. The sportsbook announced they would add a surcharge to winnings in four markets to help offset high tax rates. When no other operators followed with charges of their own, the company bowed to public pressure and canceled the planned charge just days later.

Draftkings' stock price took a hit as a result, and some worried that this would lead to a drop in users. However, the sportsbook’s impressive August numbers seem to show that they have avoided that.