New York City Sets Sports Betting Revenue Record In November
Empire State online sports wagering operators got better from a less-than-stellar October with a record-setting November.
The New York Gaming Commission reported that the nine mobile sportsbooks integrated to produce $231.7 million in revenue, a brand-new nationwide regular monthly high, on the second-best handle ever of $2.3 billion.
November profits increased a tremendous 53.5% from November 2023, and the new record trounced the previous one, set in January, by 9.5%. The strong month came regardless of gamblers keeping the hold to 7% during Thanksgiving week when a record $592.9 million was bet.
Sportsbooks enjoyed increased margins, thanks to less customer-friendly NFL results than the previous month when October revenue of $176.3 million fell 14% month-over-month.
November marks the fourth month year-to-date with profits of more than $200 million as New york city operators produced a 10.2% hold, 3 points higher than in November 2023 and 2.6 points better than in October.
The amount wagered was up 7.4% year-over-year and reached $2 billion for the 3rd consecutive month, tying a New york city high. Betting dollars reduced 2.4%, regardless of a hectic, popular sports month that consisted of NFL, college football, NBA, college basketball, and NHL.
New yearly tax record
Behind the 51% tax rate, sports wagering operators put $118.1 million in Empire State's coffers, the most ever.
The year-to-date tax revenue overall has exceeded $965 million from online sports wagering. That's already the most New york city, which made more than $860 million last year, has received since went reside in Jan. 2022.
The Empire State will easily eclipse $1 billion in tax income in a single year for the very first time following December's haul.
FanDuel reaches $900 million once again
FanDuel represented more than 43% of New york city's whole November profits. The online sportsbook produced $102.6 million on a state-best $921.2 million handle behind an 11.4% hold.
FanDuel is likewise the only New york city sports betting operator to cross $900 million bet in a single month, which it has actually now done three times consisting of consecutive months. The sportsbook fell simply shy of its record $925 million manage set last November.
DraftKings completed second with a handle of $745.4 million and joined FanDuel as the only New York operators to take in more than $7 billion in wagers year-to-date. DraftKings also utilized a double-digit hold to take $77.1 million in revenue, its second-highest month-to-month overall in 2024.
Fanatics shines
Fanatics Sportsbook passed BetMGM and Caesars for the third-best manage in New york city in October and replicated that position again in November behind a $170.2-million month. BetMGM wasn't far behind with a manage of $167.7 million, while Caesars finished fifth with $158.1 million bet.
BetMGM's $14.4 million in revenue is a brand-new record for the online operator in New York. Caesars produced $14.2 million in earnings, its best month because last December.
BetRivers took seventh location in New york city with a deal with of $47.6 million, ahead of ESPN BET's $39 million. Bally Bet had its best income month ever in New york city, producing $1.2 million from an 11% hang on a $10.6 million handle.