New York concluded its betting activities for the previous year on a high note, achieving a remarkable $188 million in online sports betting revenue for December. This figure surpassed the previous highest recorded in Oct. 2023, which stood at $166 million. This online betting revenue represents the second-highest nationally, trailing behind Ohio’s $209 million recorded during its launch in Jan. 2023.
The state also maintained its impressive performance by generating a handle of over $2.04 billion from its nine sportsbooks for the third consecutive month. Although it fell just 3.2% short of the record set in November, this remains the highest monthly sports betting handle ever reported. No other state has achieved a monthly handle exceeding $2 billion. The cumulative betting total for the year 2023 in New York reached a staggering $19.1 billion, underscoring its unprecedented success in the sports betting industry.
New York Year-Over-Year Growth
Comparing the results from December on a year-over-year basis reveals substantial growth. In Dec. 2022, the betting handle for mobile operators reached $1.62 billion, showcasing an increase of almost 26% when juxtaposed with the previous month’s figure of $2.04 billion. The gross gaming revenue (GGR) from mobile sports betting also experienced a year-over-year surge, demonstrating an impressive growth of nearly 33% in comparison to Dec. 2022. This upward trend in both betting handles and GGR underscores the thriving nature of the mobile sports betting industry during this period.
FanDuel New York Takes the Lead Over DraftKings in Revenue
Out of all the sportsbooks in the Empire State, FanDuel once again distinguished itself by emerging as the frontrunner, recording the highest revenue. Following closely behind, DraftKings secured the second position, outperforming other competitors in the field.
FanDuel generated $93.6 million in revenue from a substantial $834.5 million in bets during the reported period. DraftKings recorded $65.2 million in revenue and managed a betting handle of $773.4 million. Caesars trailed behind with a revenue of $15.9 million, derived from a total of $202 million in bets throughout December.
BetMGM experienced a positive month, disclosing a revenue of $8.1 million and an online betting handle amounting to $126.5 million. Following closely behind, Rush Interactive achieved $3.1 million in revenue from an online wagering total of $50.7 million.
PointsBet contributed to the revenue stream with $2.6 million, generated from $28.6 million in bets. Resorts World Interactive rounded off the list, reporting a revenue of $401,566, corresponding to its total betting amount of $401,566.
WynnBET and Bally Bet Experience Back-to-Back Declines in New York
Despite the state experiencing a record-breaking revenue influx, the combined financial performance of WynnBET and Bally Bet painted a contrasting picture, as they concluded with a collective deficit of $575,897. WynnBET made a distinction by becoming the first mobile book in the state to endure consecutive months of losses. In December alone, the platform disbursed $323,464 in payouts, surpassing $9.2 million in accepted bets. This end-of-year downturn resulted in WynnBET’s win rate for 2023 plummeting to 3.5%, marking a decline of over three percentage points from the previous year.
On the other hand, Bally Bet experienced a negative revenue swing of $486,596 compared to November. Despite setting a record monthly handle of $6.6 million, Bally Bet paid out $252,433 more than it garnered. Since reactivating its operations after migrating its sports betting platform to Kambi, Bally’s has accepted a total of $10.9 million in wagers. However, with a meager minus-0.2% hold, the platform incurred a net loss of $18,270.
About the Author
