December 2023 New York Sports Betting Revenues Hit More Records
December 2023 was yet another record month for the New York sports betting market, according to the last New York State Gaming Commission revenue release covering 2023.
The Empire State capped of its year at the top of all U.S. sports betting markets, with an all-time high $188.3 million in gross gaming revenue.
However, the $2.04 billion in total wagers for December did not quite beat November’s national record handle of $2.109 billion. While November saw more wagered, it also saw the second-lowest monthly hold for operators, as New York state bettors took the ‘books to the cleaners.
The house bounced back in December, though, as revenues tidily beat the previous monthly high of $166.3 million, set in October 2023, by 13.2%. The figures also showed a substantial 32.8% increase from December 2022’s $141.8 million.
To top it off, it was the third consecutive month that New York bettors have wagered more than $2 billion, underlining the growing popularity of the largest U.S. sports betting market going into 2024.
All of that translated into significant tax contributions for the state. Sports betting in New York generated more than $96 million in taxes for December, and more than $861.8 million for the year 2023.
FanDuel and DraftKings Dominate Competitive Landscape
FanDuel emerged as the front-runner in the market for the month, stretching its lead over DraftKings, with $93.6 million in revenue from $834.5 million in bets.
That news comes as FanDuel’s owner, Flutter Entertainment, is in the final stages of moving its stock listing from London to the New York Stock Exchange.
FanDuel’s main rival, Boston-based DraftKings, followed in second for December with a revenue of $65.2 million and a handle of $773.4 million.
Caesars maintained its third-place position, with $15.9 million in revenue from $202.0 million in bets.
Other notable contributors included BetMGM with $8.1 million in revenue, and Rush Street Interactive with $3.1 million.
Losses and Taxes
Despite these successes, two operators, Bally Bet and Wynn Interactive, reported losses in December.
Outside of Nevada retail sportsbooks, Wynn Interactive’s WynnBET is only available for New York and Michigan sports betting after closing up in eight states in late 2023. Both markets are under review by the operator.
Considering it has now made a loss for two months in a row in the nation’s largest market — the first operator to do so, no less — things aren’t looking good.
This performance has led some business figures to speculate that WynnBET’s New York license may prove attractive to Penn Entertainment’s shiny new ESPN Bet.
Meanwhile, Bally Bet, only re-opened in November 2023 after closing down for several months to upgrade the service, retained last place as least-popular sportsbook in New York.
It didn’t capitalize on its profitable November and fell to a $252,000 loss – although it did improve its overall handle, which rose to $6.6 million.
Operators in the nation’s biggest market are also charged its highest sports betting tax rate at 51%. They also can’t deduct promotional spending, as they do in many states.
That meant sportsbooks actually took home $92 million in revenues in December, and the New York tax authorities took $96 million.
It may not be sports betting – but another big win worth celebrating happened in New York gambling in December. Brookyln resident Wayne Murray beat unbelievable odds to win his second $10 million New York lottery jackpot in two years.