New York sports betting surpasses $2 billion for third consecutive month

Lea Hogg January 8, 2024

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New York sports betting surpasses $2 billion for third consecutive month

As a remarkable exit to 2023, the New York Gaming Commission has reported staggering figures for its mobile sports wagering handle exceeding US $2 billion for the third consecutive month in December. The Gross Gaming Revenue (GGR) reached an unprecedented US$ 188.3 million, marking the highest monthly GGR for the Big Apple throughout the entire year, demonstrating a record-breaking 32.8 percent year-on-year surge.

Record-breaking revenue caps 2023

The net revenue allocated to education also peaked in December, almost hitting the US$ 100 million milestone, settling at an impressive US$ 96 million. Despite a slight dip in mobile sports wagering handle from November’s record-breaking US$ 2.11 billion to US$ 2.04 billion in December, the last quarter of the year has consistently breached the US$ 2 billion mark, showcasing the sustained success since New York became the inaugural state to achieve this milestone in October. Compared to December 2022, the handle saw a substantial year-on-year increase of 25.8 percent.

Key Players FanDuel, DraftKings, and BetMGM drive growth

Examining individual contributions, FanDuel emerged as a major player with a GGR just shy of US$ 100 million in December, soaring from US$ 69.2 million in November to an impressive US$ 93.6 million. DraftKings closely followed with a GGR of US$ 65.2 million. Interestingly, this dynamic mirrors the Ohio scenario where DraftKings surpassed FanDuel in the state’s November online sports gaming taxable revenue.

New York’s status as gaming powerhouse

BetMGM continued its streak by recording a mobile sports wagering handle exceeding US$ 100 million for the fourth consecutive month, hitting US$ 126.5 million in December. The collective prowess of these key industry players signifies the robust growth and competitive landscape within New York’s online sports betting domain.

In a related development, 10 Times Square property owners rallied behind the proposal to introduce a Caesars Palace Times Square casino at 1515 Broadway, adding another layer of excitement to the unfolding narrative of New York’s iGaming sector.

As the industry enters 2024, these impressive results hint at a promising future, cementing New York’s status as a powerhouse in the online sports betting arena.

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