New York Sports Betting Hits Record $2.1 Billion Handle in November, Led by FanDuel and DraftKings
New York’s sports betting market reached a new pinnacle in November, as mobile sports betting operators claimed a handle exceeding $2.1 billion, setting a national record for the second consecutive month.
This achievement, reported by the New York State Gaming Commission, solidifies New York’s position as a leading state in sports betting.
Details of November’s Sports Betting Figures
The $2.1 billion handle in November represents a 5.1% increase from October’s $2 billion. The month saw significant activity in the sports betting apps, although the final figures will include contributions from the state’s four retail sportsbooks.
FanDuel and DraftKings led the charge, combining for nearly $1.66 billion of the online handle. FanDuel alone accounted for 43.9% of the overall digital handle, with a record-breaking $925.4 million in bets.
Despite this, the revenue for FanDuel slid by 11.6% to $69.2 million, with a lower hold rate than previous months. DraftKings also experienced a substantial year-over-year increase in handle, surpassing its previous high with $732.1 million in bets.
Performance of Other Operators
Other notable operators such as Caesars and BetMGM also made significant contributions, with Caesars generating over $200 million in handle and BetMGM topping $120.6 million. WynnBET, however, faced a challenging month, becoming the first New York mobile operator to record a three-week losing streak.
PointsBet recorded the highest hold rate in November at 8.9%, while BetRivers saw its revenue climb to nearly $5 million. Bally Bet, resuming operations after a hiatus, recorded its best performance since entering the New York market.
Our Comment on the Article
The record-setting performance of New York’s sports betting market in November reflects the burgeoning popularity and profitability of online sports betting in the state.
The remarkable handles reported by leading operators like FanDuel and DraftKings demonstrate the competitive nature of the market and the significant consumer interest in sports betting.
The varying performance of different operators highlights the dynamic and ever-evolving nature of the sports betting industry, where strategies and market positioning play crucial roles in success. As the market continues to grow, it will be interesting to see how operators adapt and innovate to maintain or increase their market share in this competitive landscape.
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