New York Sports Betting November Handle Hits Record High

Article ByDavid Weir

December 12, 2023

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Posted in: New York Gambling News, US Gambling News, US Sports Betting News

In November 2023, New York’s sports betting market achieved a record-breaking milestone. The state’s total handle of bets surpassed $2.1 billion for the month, according to the latest monthly report from the New York State Gaming Commission.

Not only was that a record for the state, but it was also the highest monthly sports betting handle any U.S. state has posted since the spread of gambling legalization.

This historic figure represents a 5.0% increase from the state’s previous record of $2.01 billion, set in October 2023. It also marks a significant 36.1% jump from the $1.55 billion wagered in November 2022.

On the other hand, bettors finally managed to hit back at the dominant sportsbooks over the month. In November, revenues actually fell 9.3% despite the record-breaking overall handle.

At the top of the market, FanDuel accounted for $923.4 million in wagers, with revenue reaching $69.2 million for November, marking an increase of 43.2% compared to the same period last year. However, its revenue was down 11.6% from October 2023.

DraftKings followed closely, with a handle of $732.1 million and revenue of $54.3 million, an impressive 46.8% year-over-year increase. Together, these two giants constituted nearly 80% of New York’s total online sports betting handle for the month​​​​​​.

Other Operators’ Performances

Caesars and BetMGM also made significant contributions. Caesars Sportsbook claimed the third spot and saw its handle exceed $200 million for the first time since March. It finished the month with $11.6 million in revenues.

Despite a modest year-over-year increase in handle, its market share actually dropped from 12.9% to 9.7%.

BetMGM was the fourth and final operator to record a nine-figure handle in November, with accepted wagers totaling $120.6 million. From that, it pulled gross revenues of $7.9 million.

Not all operators experienced growth.

WynnBET faced a challenging month, becoming the first New York mobile operator to endure a three-week losing streak. In this period, bettors came out $329,360 ahead, leading to WynnBET finishing November with a minus 2.8% hold.

The operator’s struggles were evident, as November’s losses nearly wiped out all of October’s revenue, leaving WynnBET with less than $4.4 million in revenue from a $105.6 million handle for the year. This marked the lowest year-to-date hold among the state’s nine mobile operators​​. This year, Wynn Resorts already closed up WynnBET’s operations in eight states, and now things are not looking good for its New York sportsbook.

Meanwhile, Bally Bet, in its first full month back in New York after its upgrade and national relaunch, took in $4.3 million and held on to $114k in revenue.

That’s not great, but the overall handle is around double the $2 million in bets a month it was taking in the state before it shut down for three months to upgrade the platform. It will be interesting to see whether Rhode Island-based Bally’s can sustain or even grow on that renewed interest going into 2024.

Revenue Decline Despite Handle Increase

Interestingly, despite the record-breaking handle, New York’s overall mobile sports betting revenue declined 9.3% to $150.9 million. The overall collective win rate for operators was 7.2%, the fourth-lowest percentage in 23 months of mobile wagering in New York, and the worst since the all-time low of 6.9% in June 2022.

WynnBET’s struggles contributed significantly to this trend, with the largest monthly loss among the state’s operators​​.

Despite all that, because of the steady rise in handle in recent months, total sportsbook revenues for November were still the fifth-highest of any month since legalization.

The state also benefited from $76.9 million in taxes for the month. This revenue is much needed at the moment, as New York faces a potential multibillion budget deficit going into 2024.

Two influential state lawmakers recently pointed out this state of affairs in an open letter promoting potential online casinos in New York.