New York’s sports betting industry has achieved another milestone. The New York State Gaming Commission reported that gross gaming revenue (GGR) for November reached an unprecedented $231.7 million, surpassing all previous monthly records. This figure is a significant 53.5% increase compared to November 2023 and exceeds January 2024’s record by almost 10%.
New York sets new record for sports betting revenue in November:
While the total sports betting handle in November—$2.2 billion—fell slightly from October’s $2.3 billion, it remains the second-highest in the state’s history since mobile betting launched in January 2022, as reported by Sportsbook Review. Notably, New York has become the first state to surpass $20 billion in annual sports betting handle and $5 billion in all-time operator GGR.
The revenue growth comes after what operators described as “customer-friendly outcomes” in October, which saw reduced revenues despite high betting volumes. November’s GGR marked a strong rebound, with a 31.4% increase over October’s $176.3 million. The hold rate also rose significantly from 7.6% to 10.2%.
This surge in revenue resulted in record-breaking tax contributions. November alone generated $118.1 million in tax revenue, pushing the state’s year-to-date total to $965 million. New York is now on track to exceed $1 billion in annual tax revenue from sports betting for the first time.
Sportsbook performance: leaders and emerging players:
FanDuel continued to dominate the New York market, accounting for 43% of total GGR in November. The operator recorded $102.6 million in revenue from $921.2 million in bets, achieving an impressive 11.4% hold. DraftKings secured the second spot with $77.1 million in revenue from $745.4 million in handle.
Fanatics Sportsbook retained its third-place position with a $170.2 million handle, setting a personal record of $13.8 million in revenue. Despite this, competitors like BetMGM and Caesars outpaced Fanatics in revenue generation despite lower betting volumes. BetMGM achieved $14.4 million from a $167.7 million handle, while Caesars posted $14.2 million in revenue from $158.1 million in bets.
Meanwhile, according to SBC Americas, citing the New York State Gaming Commission monthly revenue report, ESPN Bet, launched in September, and Bally Bet both reported their best months to date in New York. ESPN Bet earned $3.5 million in revenue from $39 million in bets, while Bally Bet posted $1.2 million from $10.6 million in handle. Resorts World brought up the rear with $567,119 in revenue from $5.4 million in handle.
Beyond its record-breaking revenues, New York has positioned itself as a pivotal market in the U.S. sports betting landscape. The state’s regulatory environment and high player engagement have attracted major operators and events.
In 2024, ESPN Bet joined New York’s roster, taking over WynnBET’s license. Additionally, Fanatics announced its flagship event, Fanatics Fest, will return to New York in 2025 after a successful debut. The event gathers celebrities, athletes, and fans for autograph sessions, live podcasts, and other activities celebrating sports and culture.
Fanatics CEO Lance Fensterman remarked on the event’s success, saying, “The inaugural Fanatics Fest NYC delivered on our vision to create a unique, first-of-its-kind space that brought together fans from all backgrounds to celebrate their passions across sports, culture and collecting.”
