New York Online Sportsbooks Set New Monthly Revenue Record

Written By Katarina Vojvodic on December 14, 2022
NY sports betting handle and revenue breaks records in November

According to the New York State Gaming Commission’s latest report, the Empire State has set another record for monthly operator revenue.

The body emphasized that the New York sports betting handle and gross gaming revenue (GGR) increased last month.

NY online sports betting launched on Jan. 8, 2022. Since then, the state has collected millions in tax revenue, which lawmakers reinvested into education, youth sports, and responsible gambling initiatives.

NY sports betting GGR hits new record in November

New York sports betting gross gaming revenue hit $148.2 million, setting a record in returns for the third consecutive month. More precisely, sports betting GGR was $148,221,832, the highest result since the launch of the activity in January.

GGR hit $145.7 million in October, whereas in September, it reached $143.3 million. November’s total sports betting handle reached $1.55 billion, the highest since March (when it reached $1.64 billion).

November was the biggest tax revenue month for the state of New York as well, with over $75 million going to education. It’s thanks to the state’s competitive 51% tax rate for online sportsbooks.

Furthermore, New York became the fifth state to surpass the $15 billion mark in all-time sports betting handle. The state joined New Jersey, Nevada, Pennsylvania, and Illinois in that category.

The hold for operators was 9.5%, whereas the overall retail hold was 9.9%. The net revenue for the NY operators in November was $72.6 million, an increase from $71.4 million reported a month earlier.

FanDuel, DraftKings and Caesars leading NY sportsbooks

FanDuel continues to be a leading NY sportsbook when it comes to the handle and sports betting GGR in November. The operator generated $646.2 million in handle producing $78.3 million in betting GGR.

As a result, FanDuel reached $38.4 million in net revenue, earning $39.9 million for the state.

DraftKings was also one of the highest earners in New York last month. The operator reported a $498.7 million handle last month, a decrease from the $534.6 million reported in October. The operator’s GGR in November was $42.3 million.

That amount brought $20.7 million in net revenue for DraftKings, producing $21.6 million in revenue for the state.

Caesars Entertainmentscored the third-highest revenue and GGR in New York. The operator’s sports betting handle reported reached $200.3 million, with $14,9 million in revenue.

The amount was very close to the operator’s GGR reported for October.

BetMGM was the fourth NY sportsbook in terms of November’s sports betting handle and GGR. The operator hit a $111.4 million handle and $8 million in revenue.

Photo by PlayUSA/AP Photo/Mary Altaffer
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Katarina Vojvodic

Katarina Vojvodic is a lead writer for PlayUSA who lives in Toronto. Vojvodic provides coverage of the US gambling industry with a focus on US online casinos. Previously, she covered Ontario’s online gambling industry for Vojvodic holds a master’s degree in journalism from the University of Belgrade. Outside working hours, she can be found near the water with her husband and their two kids.

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