New York Achieves Record $231.6 Million in Online Sports Betting Revenue for November

New York Sports Betting Hits Record $231.6 Million Revenue in November

New York’s mobile sports betting market set a new monthly record in November, generating $231.6 million in gross gaming revenue (GGR). This represents a 53.5% increase from $150.9 million in November 2022 and a 31.4% rise from October 2024’s $176.3 million. It also surpasses the state’s previous record of $211.5 million in January 2024 by 9.5%.

Betting Handle and Hold

• Monthly Handle: $2.27 billion, the second-highest ever since New York launched legal online betting in January 2022. While 7.6% higher than November 2022, it fell just 2.2% short of October’s record $2.32 billion.
• State-wide Hold: 10.22%, a significant improvement from 7.60% in October.

Operator Performance in November

FanDuel Leads the Market

FanDuel extended its dominance in the state, reporting:

• Revenue: $102.6 million
• Handle: $921.2 million
• Hold: 11.14%

This performance places FanDuel far ahead of its main competitor, DraftKings.

DraftKings

• Revenue: $77.1 million
• Handle: $745.4 million
• Hold: 10.34%

BetMGM Makes Gains

• Revenue climbed to $14.4 million, moving from fifth to third in revenue rankings.
• Handle: $167.7 million
• Hold: 8.59%

Other Operators

• Caesars: $14.2 million revenue from $158.1 million handle; Hold: 8.99%
• Fanatics: $13.8 million revenue from $170.2 million handle; Hold: 8.11%
• Rush Street Interactive: $4.3 million revenue from $47.6 million handle; Hold: 9.03%
• ESPN Bet: Best month to date with $3.5 million revenue from $39.0 million handle; Hold: 8.97%
• Bally Bet: $1.2 million revenue from $10.6 million handle; Hold: 11.32%
• Resorts World Bet: $567,119 revenue from $5.4 million handle; Hold: 10.58%

Market Highlights

1. FanDuel Outpaces DraftKings: FanDuel’s $102.6 million revenue is nearly 33% higher than DraftKings’ $77.1 million.
2. BetMGM’s Rise: BetMGM jumped to third place, overtaking Fanatics and Caesars.
3. ESPN Bet’s Momentum: ESPN Bet posted its highest revenue since its September launch in New York.

Conclusion

November 2024 showcases the strength of New York’s sports betting market, with record-breaking revenues driven by strong performances from major operators like FanDuel and steady growth among competitors like BetMGM and ESPN Bet. However, the competition for market share remains intense, highlighting the dynamic nature of the industry.