New York’s mobile sportsbook vertical has seen another impressive growth spurt. The niche’s monthly GGR reached $ 231.6 million in November, the highest since the state legalised the segment in January 2022.
Key Metrics from the Report
The sphere’s total handle accounted for $ 2.27 billion, just shy of October’s record $ 2.32 billion. Industry analysts predict that December figures may be even more impressive.
Revenue for local bookmakers in November increased by 31.4% MoM (from $ 176.3 million) and 9.5% compared to the beginning of 2024 (January's $ 211.5 million). On an annual basis, the vertical’s profits climbed up by 53.3% from $ 150.9 million.
Leading Operators in the State
New York’s betting brands had the following GGR, handle, and hold results:
- FanDuel — $ 102.6 million, $ 921.2 million, and 11.14%.
- DraftKings — $ 77.1 million, $ 745.4 million, and 10.34%.
- BetMGM — $ 14.4 million, $ 167.7 million, and 8.59%.
- Caesars — $ 14.2 million, $ 158.1 million, and 8.99%.
- Fanatics Sportsbook — $ 13.8 million and $ 170.2 million.
Smaller companies also demonstrated good performance. For instance, ESPN Bet hit its record revenue of $ 3.5 million amidst $ 39 million in total wagers.
Bally Bet generated $ 1.2 million in profits from $ 10.6 million in stakes. Its hold of 11.32% turned out to be the highest among all operators in the state. RSI’s BetRivers and Resorts World Bet earned $ 4.3 million and $ 567,119 in GGR, as well as $ 47.6 million and $ 5.4 million in handle, respectively.
Contributions and Expectations
Strong financial results in the reporting period brought a record volume of tax deductions to the local treasury, accounting for $ 118.1 million. New York’s regulatory body requires a fixed rate of 51% for bookmakers. Since the beginning of the year, the total amount of wagering brands' contributions amounted to over $ 965 million.
Industry analysts expect that tax collections will exceed $ 1 billion by the end of 2024. This optimistic forecast is associated with the height of the sports season. NHL, NBA, and NFL matches are broadcast nationwide, after which the college football playoffs will start.
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