BetRivers Posts Strong Quarter, Adds To Record NY Sports Betting Year

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NY sports betting

BetRivers closed out the year and one of its busiest NY sports betting quarters with $50.7 million in December online bets, adding $3.1 million to the latest statewide revenue high.

According to the latest state report released last week, BetRivers took nearly 40% of its $615.5 million 2023 online handle in the fourth quarter. The year’s final three months saw the highest New York sports betting volume for the Rush Street Interactive app:

BetRivers cleared $35.9 million in 2023 revenue, a 56% increase over 2022‘s full-year revenue total of $23 million.

More year-end NY sports betting records

NY sports betting apps accepted $2.04 billion in December bets, the third consecutive month topping the $2 billion mark.

Behind a 9.2% win rate, New York sportsbooks posted a monthly record of $188.3 million in revenue.

Record revenue means a record tax payment to New York State because of its industry topping 51% tax rate on gross revenue. Mobile operators sent $96 million to Albany in December.

FanDuel sets NY sports betting revenue high

FanDuel kept 11.2% of its $834.5 million online handle to set a new monthly revenue high.

The app added $93.6 million to the bottom line in December, pushing its online revenue total past $815.1 million in 2023.

FanDuel’s December handle was down $90.8 million from November. However, it was a 26% increase over December 2022.

DraftKings ends year on high note

DraftKings set its own NY sports betting records in December, setting all-time highs in handle and revenue.

Bettors staked $773.4 million in bets through the DraftKings app last month. It was a $41.2 million bump over DraftKings’ previous handle high set in November 2023.

DraftKings produced $65.2 million in December winnings, good for an 8.4% hold and its highest monthly total in New York.

NY sports betting in 2023

Online New York sports betting handle topped $19.1 billion in 2023. It marked an 18% increase over the $16.2 billion bet online in 2022.

Total online sports betting revenue reached $1.69 billion for the year, up from $1.36 billion the year before. New York sports betting apps combined to send $861.8 million back to the state in taxes for the year.

For fiscal year 2024, which runs from April 2023 through March 2024, the state has so far collected $647.4 million of Gov. Kathy Hochul‘s projected $896 million in tax revenues from online sports betting.