NY Sports Betting Revenue Dips Despite New Handle High

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NY sports betting

One month after NY sports betting handle eclipsed $2 billion for the first time, Empire State bettors did it again in November while also faring better against the house.

The latest figures released Thursday from the New York State Gaming Commission show online handle at $2.11 billion. It is a 5% bump from October‘s record-setting handle.

Unlike last month, NY sports betting apps did not set another online revenue record. They held 7.2% and saw revenue drop 9% to $150.9 million.

NY sports betting a rising tide?

November’s online hold was the lowest for New York sports betting operators this year.

Despite that dip in hold, revenue is up 10.5% so far through November.

NY sportsbooks cleared $1.5 billion online compared to $1.36 billion at this point in 2022.

Online handle keeping up pace

Total online handle through November is $17.06 billion, nearly a billion more than last year.

Only July this year saw NY sports betting handle fail to reach more than $1.11 billion.

FanDuel adds to NY sports betting records

November marked back-to-back record-setting months for FanDuel.

The app took in $925.4 million in online bets last month, up over $33 million from its previous volume high in October.

FanDuel kept 46% of statewide revenue, winning $69.2 million during the month.

DraftKings sets personal best, too

DraftKings enjoyed a record-setting month of its own in New York, too.

Its $732.1 million in November bets online was the most in a single month for the Boston-based bookmaker.

DraftKings claimed a 36% revenue share, adding $54.3 million to the bottom line in November.

Rounding out NY sports betting revenue

Caesars Sportsbook and BetMGM posted their highest online handle figures in recent months in November.

Caesars approached $205 million in bets, clearing $11.6 million in revenue. BetMGM posted $120.6 million in handle and kept $7.9 million in revenue.

Along with FanDuel and DraftKings, the four New York sports betting apps combined for about 94% of marketwide revenue.

State continues to collect

With New York’s 51% tax rate on sports betting revenues, online operators sent $77 million back to the state in monthly taxes.

Through November, the Empire State has collected $971.9 million in sports betting taxes strictly from online wagering.

The state is on pace to make well over $1 billion from legal sports betting in 2023.