New York Sets Sports Betting Revenue Record in November

Following underwhelming revenues in October due to low holds, the Empire State’s nine online sportsbooks rebounded with fury, setting a state and national monthly revenue record in November generated by the second-biggest handle ever.

November to Remember

New York is the most active mobile sports betting market in the nation and it will remain that way until California and/or Texas decide to pass sports betting legislation. Population size means everything but it helps when a state is also a hotbed of sports fanatics and those who like to put their money where their mouth is, which is why New York is such a vibrant market.

November epitomized that sports betting feeding frenzy, producing a handle of $2.2 billion, second only to October’s $2.3 billion. However, due to a higher hold of 10.2% in November versus 7.6% in October, the sportsbooks combined to post their biggest monthly gross gaming revenue in the history of US online sports betting with $231.7 million.

It was the fourth time this year that revenue eclipsed $200 million and revenue was up a whopping 53.5% compared to November 2023. It should be noted that the busiest sports betting season begins in October when the NFL and college football seasons are in full swing plus the addition of the NBA and NHL seasons. However, November marks the first full month of packed schedules from all four North American sports leagues which will continue through December.

New York’s tax coffers swelled by $118.1 million due to its industry-high 51% tax rate. This year has been a smashing financial success for the online sportsbooks and the state government. Consider that New York’s tax coffers have already received $965 million from online sports betting with one more month left versus $860 million in all of 2023.

Gotham Gambles With FanDuel

FanDuel was the unequivocal winner in November, producing $921.2 million in accepted wagers which generated $102.6 million in revenue. Unsurprisingly, Boston-based DraftKings was next with a $745.4 million handle producing revenues of $77.1 million.

It was a long drop to the next popular bookmaker in November, which proved to be Fanatics, and its $170.2 million handle delivered $13.8 million in profits for the month. BetMGM was hot on its heels with $167.7 million but due to a higher hold than Fanatics, produced higher monthly revenues of $14.4 million. The iconic Las Vegas brand, Caesars, posted a handle of $158.1 million which generated $14.1 million in revenues.

It was another deep dive to the next tier as BetRivers reported $47.6 million in bets which produced $4.3 million in profits. ESPN BET checked in with $38.9 in accepted bets which generated $3.5 million in revenue. Bally Bet and Resorts World rounded out the bottom two with handles of $10.2 million and $5.4 million delivering $1.2 million and $567,000, respectively.

December should be another big month with more than $2 billion in wagering expected, which promises a bonanza for the online sportsbooks and the taxes that flow from it.