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New York Achieves Record Sports Betting Revenue Despite Operator Losses

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2024-01-08

New York Achieves Record Sports Betting Revenue Despite Operator Losses

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Despite difficulties encountered by some operators, December saw a historic rise in the sports betting market in New York, shattering revenue records. With a whopping $187.1 million in revenue for the month, the previous record established in October 2023 was surpassed by an amazing 13.2%. This amount was a notable climb of 24.8% from November’s $150.9 million and an even more noteworthy rise of 32.8% over December 2022’s $141.8 million.

The handle, which represents the total amount wagered, was $2.04 billion in December and stayed strong. This was a notable 25.7% increase from the handling of $1.62 billion in December 2022, even though it was only 3.2% less than the record set in November of $2.11 billion. Interestingly, December was the third month in a row that New York’s online sports wagering revenue topped $2 billion, indicating the state’s persistent love of sports betting.

In December, FanDuel—a division of Flutter Entertainment—maintained its position as the top sportsbook in New York. FanDuel’s advantage over DraftKings increased to $93.6 million in revenue from $834.5 million in bets. With $65.2 million in revenue and a $773.4 million handle, DraftKings took second place. Caesars came in second with $15.9 million in revenue and a $202.0 million total handle.

Even with the general performance, two of the state’s nine licensed operators had difficulties in December. It was Wynn Interactive’s second straight month of loss from online sports betting as the company announced a $323,464 loss from $9.2 million in bets. Bally Bet encountered issues as well, reporting a $252,433 loss on a $6.6 million handle. Remarkably, Bally Bet had only returned to its online sportsbook in New York in November following a brief hiatus in July.

The endurance and allure of New York’s sports betting scene are highlighted by the market’s capacity to generate record revenue even in the face of losses for some operators. Operators are handling difficulties as the business develops and helping New York’s expanding sports betting market grow and succeed overall.

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