In a historic milestone for the sports betting landscape in the United States, New York has surged ahead, setting a groundbreaking record in monthly sports betting handle.
The latest report from the New York Gaming Commission reveals an impressive NY sports betting handle of $2.1 billion for November.
This achievement marks a 5% increase from October’s figures, demonstrating the consistent upward trajectory of sports wagering activities within the state. Comparatively, November’s handle soared 35.4% higher than the same period in the previous year.
In October, New York achieved a major feat by becoming the first state in the US to surpass the $2 billion mark, boasting a staggering handle of $2.01 billion in wagers. Building upon this success, November marks the second consecutive month where bettors have once again pushed the wagering activity beyond the $2 billion threshold.
During the week ending on Nov. 19, the state witnessed its highest-ever weekly handle, totaling $529.5 million in bets. However, in the subsequent weeks, there emerged a notable fluctuation in the numbers. The following week, ending on Nov. 26, marked a marginal decrease of 2.4%, and by the final week concluding on Dec. 3, the handle experienced a further decline, plunging by 5.8% to $486.7 million.
While the state witnessed an increase in monthly handle, November brought about a 9% decline month-over-month, totaling $150.9 million. However, when compared with Nov. 2022’s revenue figure of $148.2 million, the current figure exhibited a marginal uptick of 1.8%.
Operators within the state encountered a shift in their hold metrics, experiencing a drop from the 8.3% achieved in October to 7.2% in November. Meanwhile, the state generated a tax revenue of $77.0 million in November, $7.8 million less than October’s figure.
In the current fiscal year, the New York Gaming Commission has reported a total handle of $12.02 billion in sports betting. This betting activity has translated into a GGR of $1.1 billion.
From this, providers have accumulated a net revenue of $529.2 million, contributing significantly to the overall revenue stream. Meanwhile, the allocated tax revenue accrued to the Empire State stands at $551.3 million.
FanDuel’s November Sports Betting Handle Nears $1 Billion Mark
FanDuel maintains its dominance in the New York sports betting scene, securing the top spot by registering the highest betting handle for November. The sportsbook nearly breached the billion-dollar mark, with bettors placing a total of $925.4 million in wagers on its platform.
The sportsbook contributed 44% to the overall handle amassed within the state, registering a gross gaming revenue of $69.2 million and a net revenue of $33.9 million. FanDuel remitted $35.3 million in taxes to the state’s coffers.
DraftKings secured the second position with a handle of $732.1 million in November, representing a 35% share of the state’s overall handle. Within this period, the sportsbook recorded $54.3 million in GGR, with a net revenue of $26.6 million. The impressive performance also contributed significantly to state taxes, generating $27.7 million in tax revenue.
Caesars Sportsbook holds the position as the third-highest handle operator, amassing $205 million in wagers. Their gaming revenue stood at $11.6 million, as the sportsbook yielded a net revenue of $5.7 million, contributing $5.9 million in taxes.
BetMGM secured a handle of $120.6 million, translating to gaming revenue totaling $7.9 million. The operator netted $3.9 million in revenue, contributing $4.0 million in taxes.
In November, BallyBet re-entered the scene, registering a sports betting handle of $4.3 million. On the other hand, WynnBet found itself in a unique position as the sole sportsbook experiencing a loss by the end of the month.
About the Author
