After writing history in October 2023, New York’s mobile sports wagering market continues to impress through November 2023. Last month marked back-to-back monthly betting volumes above US$2 billion. For November, the state’s nine digital sports betting operators generated US$2.1 billion in wagering volume, its highest monthly handle ever documented.
The Empire State has operated a regulated online sports wagering sector since January 2022, and it quickly transformed into the leading legal market in the U.S. For its first 12 months of operations, it delivered just over US$700 million in tax revenue for the state from bets, which will be invested in youth sports, education, and tackling problem gambling.
Back-to-Back Above US$2B
For November 2023, the state recorded a total wagering volume of US$2.1 billion, which was an all-time high for the jurisdiction. It was expected that the NFL, college football, NHL, and NBA action would bring plenty of bets, but still, the monthly handle was 31% higher than the same month in 2022. Meaning that the market is expanding in size and popularity.
Meanwhile, in terms of gross gaming revenue for the month, the state disclosed US$150.9 million, which was a slight 9% month-over-month decrease, while still rising just 1.8% year-over-year. Operators saw a decline from 8.3% to 7.2% last month. As per the 51% tax rate on winnings, the Empire State pocketed a total of US$77 million in tax revenue.
Once more, FanDuel was a dominant force in the market, as the operator accounted for the largest chunk of sports betting volume of 44% or US$925.4 million of the total handle for the month. Meanwhile, DraftKings was in the second spot which contributed 35% of the total volume which translates to US$732.1 million in monthly betting activity.
In third was Caesars Sportsbook, which was the only other operator to collect over US$200 million in bets for the month, while BetMGM recorded a volume of US$120 million and clocked a 12% month-over-month bump in handle. The recently returned Bally Bet posted US$4.3 million in handle, while WynnBET was the only brand to take a loss for the month.
New Yorkers Favour iGaming Legalization
With the success of the sports betting sector, New York lawmakers are looking to expand the state’s gambling sector with the legalization of online casino games. Recently, they received a boost from the public, as a new industry-backed survey found a majority of the public is in favour of legalizing iGaming and Internet lottery sales in the Empire State.
A recent poll from the Parkside Group discovered that 51% of the surveyed by the company supported the legalization of iGaming in the state. Meanwhile, approximately 40% of the surveyed were not in favour of online casinos. The very same poll also discloses that nearly 53% of the residents are also keen on the introduction of Internet lottery sales.
