For the second consecutive month, people using New York’s legal online sportsbooks have gambled more than $2 billion. In November, though, they surpassed that threshold by an even larger margin than they did in October.
The amount of money that New York online sportsbooks took in on wagers during November wasn’t just a new high for the state but all of the United States for any single month. However, it was far from a record performance in the statistics that actually matters for sportsbooks and the state.
New Yorkers gamble over $2 billion on sports again
October and November 2023 are now the busiest two months the US regulated sports betting industry has ever seen. Counting how much money bettors plopped down on the apps as far as New York’s October online sports betting action went, bettors have gambled over $4.1 billion during the two months.
November’s tally of dollars bet online in New York now stands as the national single-month record. It’s that by a respectable margin, too.
Monthly online betting totals in other states like Illinois, Ohio, Nevada, and New Jersey have struggled to reach $1.3 billion.
While unprecedented betting totals mean significant opportunities for sportsbooks to make money, record amounts of money bet don’t guarantee record revenue. In fact, for the bottom lines for the state and the online sportsbooks it has licensed, November 2023 represented a contender but not a winner.
November’s revenue total is familiar territory in NY
Revenue, not the amount of money bet, is what actually matters for both the books and the state of New York. New York taxes the amount of money that books win, not the amount of money they take in bets.
The November 2023 online sports betting revenue total is the fifth-highest for a single month since online sportsbooks started operating in New York in January 2022. As far as the state’s share of that money goes, November’s total is lower than five previous month’s tax hauls according to the New York State Gaming Commission.
Three of the top five revenue totals for New York online sports betting have come in the current fiscal year so far, essentially ensuring that the term will represent a new standard for judging all other such periods. For now, November is the same for dollars gambled using New York’s legal online sportsbooks.