The Empire State continues to live up to its name regarding sports betting. Bettors in New York even outdid themselves.
New York’s online sportsbooks hit the $2 billion mark in bets for the second consecutive month. In total, bettors in the Empire State collectively placed a record-breaking $2.1 billion in bets in November, surpassing the $2.006 billion reported in the previous month.
Notably, before October, states with state-operated sports betting had yet to reach $2 billion. Now, New York has achieved this milestone twice.
Of the money generated by sports betting operators in November, approximately $83 million will be paid to the state in taxes, and more than $70 million is expected to go into the education fund.
Football Helps New York Break Handle Record
In some respects, New York does have an advantage being the fourth-most populated state in the U.S. behind California, Texas, and Florida. But it was football that helped set the record.
It’s no secret that football is king, not only in New York but across the country. So, it’s no surprise that these records are being broken in the heart of the college and pro football seasons.
The sports betting calendar year, when it comes to handle, comprises two seasons: the NFL season and the non-NFL season. The 18-week regular season offers over four months of extensive action in the fall, typically reaching its peak in October. However, this November, most states have surpassed the previous month, with a boost attributed to the arrival of ESPN BET.
FanDuel and DraftKings Reign Supreme
FanDuel and DraftKings have been the primary drivers of this growth, commanding nearly 80% of the total mobile bets placed in the state, which accounts for almost $1.66 billion of the online handle.
FanDuel has been performing exceptionally well, with its October record of almost $892 million being surpassed by more than $925 million –accounting for nearly 44% of the overall digital handle. This volume alone would rank 10th nationally in 2023 as an overall state total outside New York.
But other online operators have been performing consistently well, including BetMGM. It’s generated over $100 million in mobile sports wagers for three consecutive months. In November, they collected almost $121 million in mobile sports wagers. On the other hand, Caesars Sportsbook has hit the $200 million mark in mobile sports wagers for the first time this fiscal year.
The Empire State is Already a Sports Betting Juggernaut
So, it’s no secret that New York’s sports betting industry is thriving. With a handle of $25 billion reached faster than any other state in the country, it’s already in a class of its own, but New York’s online sports betting industry has been breaking records since its inception.
In the first year, sports betting operators collected more than $16 billion in handle, $1.36 billion in total NY sports betting revenue, and $693 million in state tax revenue.
The second year has been no different, with New York already setting annual records with one month still to go. As of November, NY sportsbooks have collected $17.06 billion in handle, $1.5 billion in gross gaming revenue, and $765.8 million in state tax revenue –all single-year records.
And it doesn’t appear to be showing any signs of slowing down. Early December numbers from the New York State Gaming Commission show that for the week ending December, the nearly $57 million in mobile sports betting revenue that was generated is the third-largest in the 101 weeks since mobile wagering apps have been available in the Empire State.
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