The online sports betting landscape in New York continues to demonstrate robust growth, with the state reporting an impressive online sports betting handle of $1.56 billion in the month of November. This figure represents a 0.7% increase from the previous month’s handle of $1.54 billion, and notably, it marks the highest monthly total since March’s $1.64 billion. These figures, provided by the New York State Gaming Commission, highlight the sustained interest and engagement of sports enthusiasts in the state.
Record-Breaking Gross Gaming Revenue:
Accompanying the substantial increase in the sports betting handle is a record-breaking gross gaming revenue (GGR) for the month of November. The GGR surged to $148.2 million, surpassing the previous high of $145.7 million recorded in October by an impressive margin of 1.7%. This surge in revenue further emphasizes the growing popularity and financial viability of online sports betting in New York.
Market Leaders and Revenue Contributors:
In terms of market leaders and revenue generation, Flutter Entertainment-owned FanDuel maintained its dominant position in the New York market. FanDuel reported a substantial revenue of $78.3 million from player wagers totaling $646.2 million. Following closely behind, DraftKings secured the second spot with revenue of $42.3 million and a betting handle of $498.7 million. Caesars Sportsbook rounded out the top three, contributing $14.9 million in revenue from bets amounting to $200.3 million.
Diverse Industry Players:
The online sports betting landscape in New York features a diverse range of industry participants, each contributing to the overall growth and success of the sector. Notable contributors include BetMGM, which reported $8 million in GGR from $111.4 million in bets, and Rush Street Interactive, generating $2.3 million from $38.8 million in bets. PointsBet also played a significant role, recording $2.1 million in revenue from a betting handle of $80.8 million.
Other participants in the market included Resorts World, Wynn Interactive, and BallyBet, each contributing to the overall revenue and activity in the online sports betting arena.
The consistent growth in online sports betting handle and gross gaming revenue in New York is indicative of a thriving industry that continues to capture the interest of sports enthusiasts and bettors. As the state’s online sports betting ecosystem matures and evolves, it is likely that additional operators and platforms will contribute to the market’s expansion. The sustained success of the online sports betting sector in New York underscores the significance of this form of entertainment and its potential to generate substantial economic benefits for the state.