Online sports betting in New York had its best gross gaming revenue month in its short history in November, reporting $148 million in GGR last month.
As a result, NY sports betting also led to the biggest tax revenue month as well, with over $75 million going to education in the Empire State.
These totals come after New York sportsbooks generated $1.55 billion in bets during November, the second straight month of exceeding $1.5 billion and the third-highest month since the industry went live in January. It also marks the ninth month of going over $1 billion in handle.
Perhaps more noteworthy, however: New York has reached revenue landmarks that many did not expect until 2024.
New York sports betting tops $1 billion revenue
Before online sports betting in New York launched in January, then-Gov. Andrew Cuomo laid out expectations for the industry.
Among them, that the state would realize $99 million in state tax revenue in the first fiscal year, a total that would spike to $500 million by fiscal year 2024. To reach that goal, NY betting apps would need to bank $1 billion in gross gaming revenue. And based on a 7.5% hold, that would mean accepting over $13 billion in bets.
Within the first 11 months, NY sports betting has reached a benchmark not initially expected for several years.
Online sportsbooks have accepted over $14.5 billion in handle since launching in January. They have earned more than $1.22 billion in gross gaming revenue. And as a result, New York has pocketed nearly $621 million in state tax revenue.
Breaking down November in NY sports betting
Plenty of highs dot the November NY sports betting revenue report.
For example, FanDuel Sportsbook NY posted over $646 million in handle last month, the platform’s second-best month in New York and representing 41.6% of the November market share. On top of that, the $78.3 million in gross gaming revenue stands as the highest in the industry’s short history.
Once again, DraftKings Sportsbook NY ranked second in the Empire State, accounting for just shy of $499 million in November handle, while Caesars New York clocked in at $200 million.
Elsewhere, WynnBet Sportsbook NY had its best month in November with $11.5 million in handle, the first month in which the sportsbook accepted more than $10 million in bets. However, WynnBet reported less than $91,000 in revenue, its lowest monthly total to date.
|FanDuel Sportsbook NY||$646,191,402||$78,295,841|
|DraftKings Sportsbook NY||$498,710,228||$42,339,853|
|Caesars Sportsbook NY||$200,286,475||$14,923,067|
|BetMGM Sportsbook NY||$111,443,206||$8,026,605|
|PointsBet Sportsbook NY||$40,805,018||$2,147,442|
|BetRivers Sportsbook NY||$38,828,938||$2,258,386|
|WynnBet Sportsbook NY||$11,521,457||$90,899|
|Resorts World Bet NY||$5,396,713||$100,021|
|Bally Bet Sportsbook NY||$677,545||$39,718|