New York Sports Bettors Pass $15 Billion In Wagers In Less Than One Year

New York sports betting continues to prove its potential as the state’s most recent revenue reports show more record numbers.

November GGR Is New #1

For the third consecutive month, mobile sports wagering in New York has broken its monthly gross gaming revenue record (GGR). September generated $143,332,889 in GGR, breaking the previous record set in January. October followed suit in generating $145,654,719. Finally November came, and generated a whopping $148,221,832 in mobile sports wagering GGR, smashing all previous records. 

The astonishing $148.22 million came from a $1.55 billion handle, the third-highest monthly handle since sports betting launched in New York in January. Per the 51% tax rate, this GGR earned sportsbook operators $72,628,698 (record) in the month while the other $75,593,134 (record) went to the state to fund education. 

Brock Purdy has the 5th highest odds for Offensive Rookie of the Year ‼️

BROCKTOBER HAS BEGUN 😤 pic.twitter.com/GSUIxROHvU

— FanDuel Sportsbook (@FDSportsbook) December 16, 2022

Top Five Operators

FanDuel continued its dominance in the New York market in November, handling $646,191,402 in wagers and turning out a GGR of $78,295,841. This was their highest monthly GGR and their second-highest monthly handle since launching in January. It was joined by DraftKings, who took $498,710,228 in bets in the month and produced a GGR of $42,339,853. Together, these two operators accounted for 73.7% of the state’s total handle in November. 

Caesars Sportsbook came in third – tallying $14,923,067 in GGR off of a $200,286,475 handle. BetMGM scored $8,026,605 in revenue from $111,443,206 and PointsBet rounded out the top five performers with a GGR of $2,147,442 and a handle of $40,805,018. 

December Shows Promise

Following a historic month, sports betting in the state took a decline once December started. The handle for the week that ended on Dec. 4 totaled $375.7 million, a 12.5% ($53.5 million) drop from the previous week. 

But the state surprised us the following week, by breaking the weekly GGR record on the week that ended on Dec. 11. Sportsbooks produced $44,494,620 in GGR, topping the previous record of $43,202,492 set in late January, and beating the week prior’s GGR by almost 40%. This came from a $342,577,737 handle, which brought the total sports betting handle for New York since its January launch to over $15 billion. In total, New Yorkers have now bet $15,159,150,238 online this year. 

It sits behind New Jersey, Nevada, Pennsylvania, and barely Illinois for total handle since launching. 

104 all-time wins against Washington, let’s get another 😤 #TBT

— New York Giants (@Giants) December 15, 2022

In Other News

All of this being said, the boom of the sports betting industry (in particular New York, which has seen unprecedented success), concerns of safety regulations, specifically surrounding promotional and marketing materials, have come to light. 

In response, New York senator Peter Harckam has introduced a bill, S9605, to improve regulations. It “directs the New York state gaming commission promulgate rules and regulation regarding predatory sportsbook bonuses in mobile sports betting, including but not limited to deposit matching, bonus bets, site credits, and profit boosts”.

As of now, the bill sits in the Senate Rules Committee awaiting discussion.