New York Sports Betting Hits $2.28 Billion in December
New York’s sports betting market closed 2024 on a high note, recording $2.28 billion in online sports wagers during December, making it the second-best month in the state’s history. This represented an 11.1% increase from December 2023 and a slight 0.7% uptick from November. The only month to surpass December’s performance was October 2024, which saw a record-breaking $2.32 billion in handle.
Revenue Dips Amid Favorable Results
While the total handle was impressive, December’s gross gaming revenue (GGR) of $150.4 million marked a huge decline. Revenue dropped 20.1% year-over-year and 35.1% from November’s record $231.5 million. The statewide hold rate was 6.59%, with operators attributing the revenue dip to customer-friendly sports outcomes during the latter part of the month.
Flutter Entertainment, the parent company of FanDuel, exemplified these trends in its recent update, noting that “very unfavorable” results in December contributed to a projected $370 million shortfall in U.S. revenue for FY2024.
For the full year, New York bettors wagered $22.62 billion on sports through online platforms, further solidifying the state’s position as a national leader in sports betting.
FanDuel Leads the Pack
FanDuel once again dominated the New York market, generating $925.6 million in handle and $70.6 million in revenue for December.
DraftKings followed with $731.9 million in handle and $46.5 million in revenue. Other notable performers included:
- Fanatics: $171.6 million handle, $9.8 million revenue.
- BetMGM: $178.1 million handle, $9.6 million revenue.
- Caesars Sportsbook: $158.3 million handle, $8.9 million revenue.
Smaller Operators Find Their Footing
Outside the top five, smaller operators also contributed to the state’s sports betting ecosystem. Rush Street Interactive posted $46.4 million in handle and $2.9 million in revenue, while ESPN Bet achieved its highest handle since entering the market in September, with $48.7 million in bets and $1.3 million in revenue. Bally Bet and Resorts World Bet rounded out the rankings, generating $550,029 and $462,644 in revenue, respectively.
Strong Finish Despite Challenges
New York’s December results highlight the strength of its sports betting market, with operators seeing record or near-record engagement despite headwinds like lower hold rates and revenue challenges.
With a total handle exceeding $2 billion for the third consecutive month, New York continues to set the pace for sports betting in the United States.
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