New York Sportsbooks See Huge Revenue Boost in November
More sports betting records were smashed in the Empire State in November. Expectedly, DraftKings and FanDuel were the top 2 sportsbooks in New York.
New York online sportsbooks posted record revenue in November. © Luca Bravo, Unsplash
Key Facts:
- New York sportsbooks take $2.27 billion in bets in November.
- Gross Gaming Revenues are a record $231.7 million.
- Sportsbooks held 10.2% in November vs. 7.6% last month.
New York bounced back strong in November after a weak showing the month before that. While the handle, or money bet in the sportsbooks, was actually down $65 million from the record set last month, the all-important win, or gross gaming revenue, was at an all-time high of $231.17 million.
Sportsbook operators around the country had gone on record as saying October had the most player-friendly outcomes in recent memory and even discussing the players’ run of luck in earnings calls. That luck didn’t hold in November; hold numbers reverted back toward their average.
While the difference in October’s hold of 7.65% vs. November’s hold of 10.2% may not sound like a lot, it equated to an extra $55.4 million for the nine operators in the state. More impressively, the total GGR win of $231.7 million is 53.5% higher than in November last year.
Fanatics Slugs It Out for Third Place
FanDuel and DraftKings have long dominated the New York market, just as they do in almost every state they operate in. FanDuel once again took in more than 900 million in bets in November, this time $921 million or around 40% of all money bets made in the state.
DraftKings is no slouch in the Empire State betting market, either, with another 745.4 million, or about 33% of all bets. That leaves just over a quarter of the market for the remaining seven operators.
Third place behind these two powerhouses is always a closely watched race, and this month was no different, with Fanatics eking out their rivals BetMGM and Caesars.
And while Fanatics did handle a few million more than BetMGM, at $170.2 million to $167.7, and bested Caesars, who only took in 158.1 million, both Caesars and BetMGM probably took some solace in the fact that they won more money than Fanatics.
BetMGM’s GGR was $14.4 million, Caesars kept $14.2 million, while Fanatics only won $13.8 million.
Sprinting to the Finish
The New York Gaming Commission has got to be pleased with the way the year is shaping up with just one month to go. Not only have bettors placed more than 2 billion in wagers each month since the start of the football season in September, but they’ve also placed $20.3 billion in the first eleven months of the year, which is already a record before the December results are in.
They’ve already sent more than $960 million in tax revenue to the Department of Education, and with strong weekly numbers already being reported for December, they are a slam dunk to make it over a billion. A billion dollars in extra Education money is just the kind of Christmas present the politicians in Albany would like to give their constituents.
