Sportsbook handle nearly flat in September as prediction markets set trading records

Sportsbook handle across 15 US states was approximately $11.11 billion in September, down an estimated 0.3% year over year, according to an analysis published by Gambling Insider. Seven states recorded year-over-year increases, seven reported declines, and Iowa was virtually unchanged.

According to TickerTracker, Kalshi generated $60.28 billion in September notional volume, up 56.4% from August. Across four major prediction-market exchanges, trading reached $75.5 billion. Prediction-market notional volume measures contracts at their $1 settlement value rather than the amount traders paid, so the figures are not directly comparable with sportsbook handle.

Revenue diverges from handle

New York generated $159.4 million in September gross gaming revenue, down 17.7% year over year despite a 5% increase in handle. New York’s hold fell from approximately 8.47% in September 2025 to 6.64%. New Jersey’s sports wagering revenue fell 14.3% to $77 million, while wagering volume was down 3.6%.

Ohio’s sportsbook revenue increased 12.8% to $87.7 million despite a 2.2% decline in handle. Pennsylvania reported a 50.5% increase in taxable sports wagering revenue to $44.7 million, even as wagering volume fell 6.1%.

Prediction-market records

Prediction Frontier’s Q3 report shows that Kalshi, Polymarket, Polymarket US and Novig generated $179.6 billion in notional trading volume between July and September, an 84.3% increase from the previous quarter. The research firm estimated that traders paid $56.1 billion for those contracts.

Kalshi generated $4.89 billion over September 12-13, the first full NFL weekend, a then-record for two-day trading. TickerTracker recorded $95.42 billion in Kalshi notional volume in October, up 54.2% from its September estimate.