The most popular sports betting state in the nation has reached a new all-time high.
In December 2023, New York set a new record for online sports betting revenue, raking in over $188 million over the month as FanDuel sportsbook maintained its lead over competitors in a crowded field. This was a 13.2% increase from the state’s previous high of $166.3 million set back in October 2023.
While the Empire State was 3.2% short of breaking its record for the monthly handle, December still marked the third consecutive month that New York players bet more than $2.00 billion at online sportsbooks, with $2.02, $2.11, and $2.05 billion spent in October, November, and December respectively. New York remains the only state in the country to have ever had a monthly handle of over $2.00 billion.
With nearly 20 million residents, New York simply has a numbers advantage over other legal sports betting states. The next largest state that allows sports betting, Pennsylvania, has a population of just under 13 million.
Tourism also plays a major role in the state’s sports betting industry. Over 265 million people visited New York in 2022, the most of any state in America.
Finally, the number of beloved sports franchises based in and around New York City cannot be understated. New York had an astounding four franchises in the top 10 of the Forbes list of the most valuable sports terms, including the Yankees, Knicks, and Giants.
Combine a massive population, a major tourism hub, and an iconic sports culture, and you get a fertile sports betting ground with massive profit-making potential.
In the New York sports betting industry, FanDuel continues to reign supreme. The popular online sportsbook owned by Flutter Entertainment recorded $93.6 million in revenue of nearly $835 million in bets during December.
Not far behind was their rival DraftKings, with $65.2 million in revenue and almost $775 million in bets. Rounding off the top five were BetMGM with an 8.1m in revenue and a $126.5m handle, Rush Street Interactives BetRivers with $3.1m and $50.7m, and PointsBet with $2.6m and $28.6m.
Only two of the nine active sportsbooks in the Empire State operated at a net loss in December, with WynnBet losing $323,464 on a $9.2m handle, and Bally Bet losing over $250,000 from $6.6m in total bets.
Overall, New York’s online sports betting scene continues to be a cash cow for both the state, which profits heavily off their 51% tax on gambling revenues, and the sportsbooks, which have built a sizable following among state residents and tourists alike. Until massive states like California and Texas join the party, expect New York to continue to be at the center of the sports betting world heading into 2024.
