Call it the power of the sports equinox.
In an unbelievable week, New York’s sports betting market saw a dramatic surge, smashing records and setting new benchmarks. The total amount wagered reached approximately $656 million, marking a $100 million increase from the previous week.
This incredible milestone made it the most wagered period ever recorded in the state, surpassing the previous high by $55 million. Key events like NFL Week 8, the kickoff games of the World Series, the beginning of the NBA regular season, and college football Week 9 all contributed to this spike.
This extraordinary synchrony of events is called the "sports equinox." This once-a-year event, when NFL, NBA, MLB, and NHL games all take place on the same day, offers a unique opportunity for lots of betting. It boosts the total amount people bet and keeps players interested.
All of this is happening while we wait to see which of the finalists for a New York downstate casino license will get their wish.
Top Players in the "Sports Equinox" Betting Scene
During this record-setting week, several major sportsbooks dominated the scene.
FanDuel led the pack with around $256 million in wagers, increasing its handle by $40 million from the previous week. This puts FanDuel just short of their all-time highest handle.
DraftKings was close behind with approximately $238 million in bets.
Other notable contributors included,
Overall, the total sports betting revenue hit roughly $49 million, with a hold rate of about 7.5%, up from the previous week’s 6.2%.
Contributions of Each Sport to the Betting Peak
The "sports equinox" week saw a diverse mix of major sports leagues in action, all contributing significantly to the record-setting handle increase:
NFL: This sport drew the largest share of wagers, making up roughly 38% of the total bets. The NFL’s immense popularity and consistent fan engagement mean it often tops the betting charts, and this week was no exception, especially with its slate of games.
NBA: The season opener attracted a huge influx of bets, contributing around 36% of the total handle. Fans were eager to place wagers on both game outcomes and season-long predictions.
MLB (World Series): As the World Series kicked off, it generated about 14% of the handle. The high stakes of postseason play drew in many bettors, adding a sizable chunk to the overall volume.
NHL: While accounting for about 12% of the bets, the NHL's regular-season games also saw notable betting action, especially on in-game and proposition bets.
This unique convergence of major sports events provided the perfect storm for record-breaking activity in New York’s sports betting market, not only driving up the handle but also enhancing overall sportsbook engagement.
