New York Sportsbooks Reports Another Monthly Revenue Record for November

The New York Gaming Commission revealed a new monthly record for online sports betting revenue for the third month running in a November revenue report.

According to the commission, New York sportsbooks brought in $148.2 million of revenue, a 1.7% increase on the $145.7 million total earned in October. New Yorkers also wagered roughly $1.56 million, up from October’s $1.54 billion total.

There has been no mistaking New York, the king of American sports betting, since its market opened in January. As records continue to fall, the question remains just how far will the Big Apple push the envelope for the industry.

New York has dominated all sorts of metrics in 2022, whether it be gambling handle, revenue, or tax profit. The successful launch of sports betting has also done a lot for the gambling industry as a whole as the state is now seeking casino license applications. 

FanDuel has enjoyed the top spot in New York’s legal sports betting market, just as it has throughout the United States as a whole. Headquartered in the heart of New York City, the company raked in $78.3 million in revenue from a $646.2 million overall handle.

DraftKings was next in line with $42.3 million in revenue and a $498.7 million handle. Caesars sportsbook, part of the Caesars Entertainment brand, clocked in third with $14.9 million in revenue and a handle of $200.3 million, while MGM-sponsored BetMGM brought in $8 million of revenue from a $111.4 million handle.

As fruitful as November was for sportsbooks, the December totals, once revealed after the turn of the year, could be even more astonishing. The NFL, NBA, and NHL regular seasons are all in full swing, as is the World Cup. The last in the list will also finish up before the month ends, giving bettors a major event—the World Cup Final—to put their money behind.

The $1.56 billion in wagers was the most received by local betting sites since March when they handled a record $1.64 billion. That staggering total can largely be attributed to the success of March Madness but could also be matched by the World Cup Final, which will feature the winners of semi-final matchups between Croatia and Argentina and France and Morocco.

New York has garnered a heavy influence in the sports betting industry. Supporters of gambling expansion are hoping its market success can influence lawmakers in other large states without sports betting such as Florida, California, and Texas.

Critics, meanwhile, feel that its success has uncovered problems with the current structure—that much was seen near the start of the month when Senator Pete Harckham (D-South Salem) introduced SB 9605, which called for a restriction on “predatory” language used by sportsbooks during promotions.

The New York Times has also been actively involved in shaping the image of sports betting through its commentary on marketing strategies and hit piece on Barstool Sports founder Dave Portnoy.

Regardless of the roadblocks, the New York market looks here to stay, especially with major events like the College Football Playoff and Super Bowl on the immediate horizon. Almost all of the surrounding states, including New Jersey, Pennsylvania, Connecticut, Massachusetts Massachusetts and Rhode Island, also have legal sports betting industries.

Nearby Vermont is also likely to join the wave as a committee is set to recommend creating a local sports betting market at a meeting this week.

The performances of New York sports teams could push the status of the local sports betting market even further. Both the New York Jets and New York Giants have realistic chances to make the playoffs, with the former sitting one spot on the outside by way of a tiebreaker and the latter occupying the NFC’s seventh seed.