FanDuel, Fanatics Fuel Record November For New York Sports Betting

November was a record-setting month for New York sports betting, which reported an unprecedented $231.6 million in gross gaming revenue from online wagering. Monthly handle totaled $2.265 billion, a 2.4% decrease from October’s record $2.32 billion.

FanDuel led the Empire State’s nine sportsbooks in both departments, reporting $921.2 million in handle and $102.6 million in revenue.

Fanatics had the greatest year-over-year growth and posted the third-highest handle for the second straight month. Its $170.2 million handle represented a 525% increase from November 2023, when it accepted $27.2 million in wagers, the sixth-highest in the state.

FanDuel posts nine-figure revenue

In addition to maintaining its grip on the nation’s largest sports betting market, FanDuel’s monthly revenue broke $100 million. It was the second time the book had surpassed that mark alongside January 2024 ($109.2 million).

DraftKings was the clear second choice for New Yorkers. It had $745.4 million in handle and $77.1 million in monthly revenue. FanDuel Sportsbook and DraftKings Sportsbook accounted for 73.6% of all wagers in the state and 77.6% of its revenue.

The following three sportsbooks each topped $100 million in monthly handle: Fanatics, BetMGM and Caesars. Fanatics Sportsbook topped BetMGM Sportsbook and Caesars Sportsbook in handle but had the lowest revenue of the three.

Outside the top five, BetRivers Sportsbook held its edge over ESPN Bet. Bally Bet posted an eight-figure handle and seven-figure revenue total.

Not every sportsbook improved

November’s $2.27 billion handle was the second highest in New York sports betting history. Although it failed to surpass October’s high mark, it was 7.4% better than November 2023’s $2.11 billion.

Four sportsbooks had higher November handles than in October — BetMGM, BetRivers, Caesars and FanDuel. BetRivers and Caesars had the steepest yearly drop in handle, while Fanatics and Bally Bet had the highest annual growth.

• Bally Bet: -4.3% MoM; +145.8% YoY
• BetMGM: +3.9% MoM; +39% YoY
• BetRivers: +3.9% MoM; -37.9% YoY
• Caesars: +2% MoM; -22.9% YoY
• DraftKings: -8.4% MoM; +1.8% YoY
• ESPN Bet: -4.5% MoM; launched Sep. 27, 2024
• Fanatics: -4.6% MoM; +524.5% YoY
• FanDuel: +1.5% MoM -0.4% YoY
• Resorts World Bet: -26.9% MoM; -21.4% YoY

November’s revenue grew by 31.3% monthly and by 53.5% yearly. 

All nine NY sportsbooks had monthly revenue increases, and only BetRivers had a yearly revenue decline. Despite its small market share, Bally Bet was a leader, monthly and yearly. 

Even with a yearly handle decrease, FanDuel improved its revenue by a significant margin, 48.2.%. Caesars also overcame a 23% yearly drop in handle, posting a 21.6% revenue improvement.

• Bally Bet: +283.9% MoM; +399.2% YoY
• BetMGM: +51.3% MoM; +81.9% YoY
• BetRivers: +20.6% MoM; -14.3% YoY
• Caesars: +29.8% MoM.
• DraftKings: +30.8% MoM; +41.9% YoY
• ESPN Bet: +7.1% MoM; launched Sep. 27, 2024
• Fanatics: +11.8% MoM; +470.2% YoY
• FanDuel: +32.8% MoM; +48.2% YoY
• Resorts World Bet: +106.7% MoM; +17.3% YoY

NY online sports betting handle eclipses $20 billion in 2024

With November’s numbers, New York has officially surpassed $20 billion in online sports wagering volume in 2024. The $20.3 billion handle will likely rise above $22 billion after December ends.

Yearly revenue is just shy of $1.9 billion. Sportsbooks need to make $106.4 million in December to reach $2 billion, another near-lock.

The state also has a 51% tax rate on sports betting revenue. This has resulted in $965.8 million going to education for the year, a number that should surpass $1 billion by the year’s end.