The New York sports betting market continues to post record-breaking monthly results. As reported by the New York State Gaming Commission, sports betting operators in the state recorded betting handle of $2.1 billion in November. This exceeds October’s spectacular results when the industry also exceeded $2 billion in bets, becoming the first state to surpass this milestone.
November’s record-breaking results represent a 5.1% month-on-month increase and a whopping 35.7% year-on-year increase. The state’s ability to not only repeat but surpass the October results attests to the fast growth of the local industry and the increased interest in betting products.
Despite the favorable results, the actual revenue recorded by sportsbooks declined by 9.2%. For reference, sports betting operators in The Empire State reported total revenue of $150.9 million and a hold rate of only 7.1%. For reference, the industry had a hold rate of 8.2% last month.
The lower hold rate does not undermine sportsbooks, though, as their revenue still exceeded the revenue recorded in November 2022.
FanDuel Dominated the NY Market
New York’s Gambling Commission also provided information about the performance of the state’s legal sports betting operators. The market continued to be dominated by FanDuel, which singlehandedly handled $925.4 million of the total $2.1 billion in handle. It was followed by DraftKings, which recorded a betting handle of $732.1 million. Rounding up the top three is Caesars with a handle of $204.9 million
BetMGM, on the other hand, reported $120.6 million in handle. Rush Street Interactive, PointsBet, WynnBet and ResortsWorld Bet failed to surpass the $100 million mark, reporting handle of $76.6 million, $27.2 million, $11.3 million and $6.8 million, respectively. In November, Bally’s also returned to New York, generating $4.3 million in handle through its BallyBet brand.
In terms of revenue, FanDuel maintained its lead, reporting $69.2 million from its November operations. DraftKings remained in second place with a revenue of $54.3 million. Caesars, on the other hand, earned $11.6 million.
The top three were followed by BetMGM at $7.9 million. Rush Street Interactive and PointsBet, meanwhile, recorded handle of $4.9 million and $2.4 million respectively. ResortsWorld Bet, BallyBet and WynnBet failed to hit the one million mark, instead reporting revenues of $483,000, $234,000 and $312,000, respectively.
The sports betting operations in New York resulted in $83 million in taxes to the state.
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