New York Sets Sports Betting Revenue Record In November
Empire State online sports betting operators bounced back 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 profits, a brand-new national monthly high, on the second-best handle ever of $2.3 billion.
November earnings surged a massive 53.5% from November 2023, and the new record trounced the previous one, set in January, by 9.5%. The strong month came in spite of gamblers keeping the hold to 7% throughout Thanksgiving week when a record $592.9 million was wagered.
Sportsbooks enjoyed increased margins, thanks to less customer-friendly NFL results than the previous month when October earnings of $176.3 million fell 14% month-over-month.
November marks the fourth month year-to-date with earnings of more than $200 million as New York operators produced a 10.2% hold, three points greater than in November 2023 and 2.6 points much better than in October.
The quantity bet was up 7.4% year-over-year and reached $2 billion for the third successive month, connecting a New York high. Betting dollars reduced 2.4%, regardless of a hectic, popular sports month that included 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 earnings total has exceeded $965 million from online sports betting. That's currently the most New York, which made more than $860 million in 2015, has actually received because wagering went live in Jan. 2022.
The Empire State will quickly eclipse $1 billion in tax profits in a single year for the very first time following December's haul.
FanDuel reaches $900 million once again
FanDuel accounted for more than 43% of New York's entire November profits. The online sportsbook produced $102.6 million on a state-best $921.2 million handle behind an 11.4% hold.
FanDuel is also the only New york city sports wagering operator to cross $900 million in a single month, which it has now done 3 times consisting of successive months. The sportsbook fell just shy of its record $925 million manage set last November.
DraftKings ended up second with a deal with of $745.4 million and signed up with FanDuel as the only New york city operators to take in more than $7 billion in wagers year-to-date. DraftKings likewise utilized a double-digit hold to carry in $77.1 million in profits, its second-highest regular monthly total in 2024.
Fanatics shines
Fanatics Sportsbook passed BetMGM and Caesars for the third-best manage in New york city in October and duplicated that position once again in November behind a $170.2-million month. BetMGM wasn't far behind with a deal with of $167.7 million, while Caesars ended up fifth with $158.1 million bet.
BetMGM's $14.4 million in income is a new record for the online operator in New York. Caesars produced $14.2 million in profits, its best month because last December.
BetRivers took seventh place in New york city with a handle of $47.6 million, ahead of ESPN BET's $39 million. Bally Bet had its best income month ever in New York, creating $1.2 million from an 11% hang on a $10.6 million manage.