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 combined to produce $231.7 million in revenue, a new national monthly high, on the second-best handle ever of $2.3 billion.
November revenue spiked a whopping 53.5% from November 2023, and the new record trounced the previous one, set in January, by 9.5%. The strong month came despite bettors keeping the hold to 7% during Thanksgiving week when a record $592.9 million was wagered.
Sportsbooks enjoyed increased margins, thanks to less customer-friendly NFL outcomes 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 revenue of more than $200 million as New York operators produced a 10.2% hold, three 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 third consecutive month, tying a New York high. Betting dollars decreased 2.4%, despite a busy, popular sports month that included NFL, college football, NBA, college basketball, and NHL.
New yearly tax record
Behind the 51% tax rate, sports betting operators put $118.1 million in Empire State’s coffers, the most ever.
The year-to-date tax revenue total has surpassed $965 million from online sports betting. That’s already the most New York, which made more than $860 million last year, has received since wagering went live in Jan. 2022.
The Empire State will easily eclipse $1 billion in tax revenue in a single year for the first time following December’s haul.
FanDuel reaches $900 million again
| Operator | October Handle | Revenue |
|---|---|---|
| FanDuel | $921.2 million | $102.6 million |
| DraftKings | $745.4 million | $77.1 million |
| Fanatics Sportsbook | $170.2 million | $13.8 million |
| BetMGM | $167.7 million | $14.4 million |
| Caesars | $158.1 million | $14.1 million |
| BetRivers | $47.6 million | $4.3 million |
FanDuel accounted for more than 43% of New York’s entire November revenue. 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 sports betting operator to cross $900 million wagered in a single month, which it has now done three times including consecutive months. The sportsbook fell just shy of its record $925 million handle set last November.
DraftKings finished 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 used a double-digit hold to haul in $77.1 million in revenue, its second-highest monthly total in 2024.
Fanatics shines
Fanatics Sportsbook passed BetMGM and Caesars for the third-best handle in New York in October and replicated that position again in November behind a $170.2-million month. BetMGM wasn’t far behind with a handle of $167.7 million, while Caesars finished fifth with $158.1 million wagered.
BetMGM’s $14.4 million in revenue is a new record for the online operator in New York. Caesars produced $14.2 million in revenue, its best month since last December.
BetRivers took seventh place in New York with a handle of $47.6 million, ahead of ESPN BET’s $39 million. Bally Bet had its best revenue month ever in New York, generating $1.2 million from an 11% hold on a $10.6 million handle.
