New York Betting Operators Set New $188.3M Revenue Record

Over the last few months, mobile sports betting operators in New York have reported exceptional results. The betting handle reported by the operators in October hit a $2 billion record, making the state the first one to surpass such a sum in wagers. Continuing this upward trend, November marked the second month in a row with a betting handle above $2 billion.

New York’s mobile sports betting market isn’t slowing down, considering the latest results released by the gambling regulator in the state, the New York State Gaming Commission. Wrapping up a successful year, betting operators posted $2.04 billion in betting handle for December 2023.

This result came close to the all-time record set in November when the betting handle hit $2.11 billion. While the betting handle didn’t surpass the result from November, a significant increase was observed in the mobile sports wagering gross gaming revenue (GGR). Last month, betting operators posted $188.3 million in GGR, a new record result that marked a $37.4 million increase when compared to the $150.9 million in GGR posted in November.

Year-over-year comparison of the results in December also shows significant growth. For December 2022, mobile betting operators posted $1.62 billion in betting handle. When compared to the $2.04 billion in betting handle posted last month, an increase of nearly 26% is observed. It’s not a surprise that the mobile sports betting GGR last month also marked a year-over-year increase by growing nearly 33% when compared to the same month in 2022.

FanDuel and DraftKings Maintain Their Leadership in New York

A breakdown of the $188.3 million in GGR shows that the operators’ share was $92.3 million, making another all-time high result. Similarly, New York’s net revenue to education also set an all-time high record hitting $96 million. This result marked a significant increase year-over-year when compared to the $72.3 million net revenue to education posted for December 2022.

It’s no surprise that market leaders FanDuel and DraftKings posted the highest betting handle and mobile betting GGR last month.

In December, FanDuel’s betting handle hit $834.5 million, the highest out of all operators for the month. Considering the betting handle, FanDuel posted $93.6 million in sports wagering GGR, a result which translates to $45.8 million in net revenue for the platform provider and $47.7 million in net revenue to education.

Following closely, DraftKings had the second-highest betting handle, posting $773.4 million last month. In December, the operator saw $31.9 million in net revenue, while the revenue toward the state’s education was $33.2 million.

Arriving third was Caesars Sportsbook, followed by BetMGM. Overall, the mobile betting handle reported by Caesars last month was nearly $202 million, resulting in a GGR of $15.9 million. On the other hand, BetMGM also enjoyed a strong month with its $126.5 million in wagers which brought $8.1 million in betting GGR.