New York Reports Record Monthly Sports Betting Revenue in November
New York recorded its highest-ever sports betting revenue in November, despite a slight decline in handle. Gross gaming revenue (GGR) surged to $231.5 million, marking a significant increase compared to both October this year and November 2023.
Record Revenue Despite Lower Handle
Sportsbook operators in New York saw revenue climb even as the handle dipped 2%, from $2.3 billion in October to $2.2 billion in November. Despite the slight month-over-month decline, it was the second-highest handle in the history of legal sports betting in the state and over 7% higher than the previous year.
November’s GGR reached a record $231.5 million, surpassing the previous high by over $20 million. This represented an impressive 53.5% increase compared to November 2023.
As DraftKings CEO Jason Robins predicted, the hold rate normalized in November following a challenging October for operators. The hold rate reached 10.2%, up three percentage points from November 2023 and 2.6 percentage points higher than October.
Performance by Operators
FanDuel maintained its position as the market leader, handling $921.2 million in bets in November and generating $102.6 million in revenue. This accounted for 43% of the total market revenue.
DraftKings followed closely, with a handle of $745.4 million and revenue of $77.1 million—its second-best monthly performance in 2024. Its hold rate was 10.34%.
Fanatics Sportsbook ranked third by handle, with $170.2 million in bets, but generated $13.8 million in revenue, placing fifth in revenue rankings. Its hold rate was 8.11%.
BetMGM had a record-breaking month, generating $14.4 million in revenue with a hold rate of 8.59%, placing it in the top three for revenue. The operator handled $167.7 million in bets, solidifying its position as the fourth-largest player in the market.
ESPN Bet posted its best month since entering the New York market in September (after acquiring WynnBET’s license), generating $3.5 million in revenue with a hold rate of 8.97%. The operator handled $39 million in bets, ranking seventh in handle.
Caesars completed the top five, handling $158.1 million in bets (fifth place) and generating $14.2 million in revenue (fourth place). Its strong performance was supported by a 8.99% hold rate.
Results for Other Operators
BetRivers:
- Handle: $47.6 million (seventh place).
- Revenue: $4.3 million (sixth place).
- Hold rate: 9.03%.
Bally Bet (best month ever in New York for revenue):
- Handle: $10.6 million (eighth place).
- Revenue: $1.2 million (eighth place).
- Hold rate: 11.32% (the highest among all operators).
Resorts World Bet:
- Handle: $5.4 million (ninth place).
- Revenue: $567,119 (ninth place).
- Hold rate: 10.58%.
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