New York Sets $231.6M Record in Online Sports Betting Revenue for November
New York State has achieved a new milestone in online sports betting revenue, recording $231.6 million in November 2023, a 53.5% increase compared to the same period last year. The record-breaking figure surpasses the previous high of $211.5 million set in January by 9.5%.
Revenue Climbs Despite Slight Dip in Total Handle
The New York State Gaming Commission reported a total handle of $2.27 billion for November, marking the second-highest monthly total since the market’s legalisation in January 2022. This represented a 7.6% year-on-year growth, though it fell 2.2% short of October’s record-setting $2.32 billion handle. Despite the dip, the hold rate improved significantly to 10.22%, up from October’s 7.60%.
FanDuel Leads Operators by a Wide Margin
FanDuel retained its dominant position in November, generating $102.6 million in revenue from a $921.2 million handle, equating to an 11.14% hold rate. DraftKings followed with $77.1 million in revenue from $745.4 million in wagers and a 10.34% hold.
Other notable performers included:
- BetMGM: Third place with $14.4 million in revenue from a $167.7 million handle (8.59% hold).
- Caesars: Fourth place with $14.2 million in revenue (8.99% hold).
- Fanatics: Fifth place, reporting $13.8 million in revenue from a $170.2 million handle (8.11% hold).
Smaller Operators Show Growth
Among smaller operators, ESPN Bet recorded its best performance since entering the market in September, earning $3.5 million in revenue from $39.0 million in wagers (8.97% hold). Bally Bet led the state in hold percentage, achieving 11.32%, which translated to $1.2 million in revenue from a $10.6 million handle. Resorts World Bet completed the rankings with $567,119 in revenue and a 10.58% hold rate.
Market Outlook: Sustained Growth and Competitive Dynamics
The record revenue reflects the sustained expansion and intense competitiveness of New York’s online sports betting sector. While FanDuel maintains its commanding lead, the growth of smaller operators, such as ESPN Bet and Bally Bet, indicates an evolving market landscape.
