New York Online Sports Betting Revenue Reaches New Heights in November

November proved to be a standout month for New York’s online sports betting market, with operators collectively earning $231.6 million in gross gaming revenue. This marked a substantial 53% year-over-year increase, suring the $150.9 million recorded in November 2023. Additionally, November’s earnings exceeded the previous monthly record of $211.5 million, set in January, by 9.5%.

The total handle for the month reached $2.27 billion, narrowly missing the state’s record set in October 2024 , when the handle amounted to $2.32 billion. Despite a slight 2.2% dip compared to the previous month, November’s handle was still 7.6% higher than the same period last year. The state-wide hold rate for November climbed to 10.22%, a significant improvement from October’s 7.60%.

FanDuel Leads New York’s Operators

FanDuel continues to dominate the Empire State’s sports betting market. In November, the Flutter Entertainment-owned operator reported $102.6 million in revenue from a $921.2 million handle. This equated to an 11.14% hold rate, reinforcing FanDuel’s position as the state’s top performer.

DraftKings, FanDuel’s primary competitor, remained a strong contender with $77.1 million in revenue. Handling $745.4 million in wagers, DraftKings achieved a hold rate of 10.34%, maintaining its position as the second-leading operator in New York.

One of the most notable shifts during November was BetMGM’s performance. With a $167.7 million handle, the operator generated $14.4 million in revenue, marking an 83% increase year-over-year. This leap propelled BetMGM to third place in revenue rankings, overtaking Caesars.

Caesars, which had a handle of $158.1 million, reported $14.2 million in revenue for the month. Although Caesars experienced a 22% improvement in earnings, its market share diminished as BetMGM surged ahead.

Fanatics, which had previously ranked higher, fell to fifth place despite a $170.2 million handle—larger than both BetMGM and Caesars. Fanatics’ hold rate was 8.11%, yielding $13.8 million in revenue.

Rush Street Interactive’s BetRivers came in sixth, reporting $4.3 million in revenue from $47.6 million in wagers, achieving a 9.03% hold. ESPN Bet experienced its best month since launching in New York, with $3.5 million in revenue from a $39.0 million handle. The platform’s monthly hold of 8.97% highlighted its steady growth.

Bally Bet reported $1.2 million in revenue, earning the highest hold rate of any operator at 11.32%. Resorts World Bet rounded out the market with $567,119 in revenue from $5.4 million in wagers, achieving a solid hold rate of 10.58%.

Context for November’s Record Growth

The November figures reflect not only increased operator performance but also growing consumer engagement with online sports betting in New York. Since its legal debut in January 2022, the state’s market has continued to evolve, with notable shifts in operator standings and overall revenue records.

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Source:

”New York sets $231.6 million online sports betting revenue record in November”, igamingbusiness.com, December 06, 2024.