New York Sports Betting Sets New Record

The month of December saw New York earn $96 million from the mobile books, a record monthly high. This was a welcome number that brought the total amount of the 2023 mobile sports betting revenue to over $860 million. Revenue from mobile wagering increased by $168.6 million in 2022 compared to 2023, and the total exceeded former Governor Andrew Cuomo’s $500 million yearly projection when he started the campaign to legalize mobile betting in New York.

In the last month of the year, FanDuel recovered from two consecutive months with holdings of less than ten percent to collect 11.2 percent of the $834.5 million in bets accepted. The operator winnings of $93.6 million set a new monthly record in New York, surpassing the previous record of $83.1 million set in October.

With $773.3 million in handle for the second straight month, DraftKings also finished the year well, finishing with $6.8 billion in wagers. Even with a more moderate hold of 8.4 percent in the year’s last month, it was still sufficient to set a record-breaking monthly revenue of $65.2 million.

With a 2023 high of $15.9 million in revenue, up from a $202 million handle in December, Caesars saved the best for last. Although it was just the second time in 2023 that Caesars achieved $15 million in winnings, compared to five times in 2022, that was sufficient to push wagers over $2 billion for the year.

Check out the latest sports betting odds at Caesars.

While BetMGM’s $126.5 million handle was only $160,000 away from its April 2023 high, its $8.1 million in income was 13.8 percent less than its 2022 closeout due to a 1.7 percent decrease in the 6.4 percent hold.

With a $50.7 million handle and approximately $3.1 million in revenue, BetRivers concluded their busiest quarter in the Empire State with a 6.1 percent win rate. In the last three months of 2023, the Rush Street operator conducted about 40% of its activity; but, due to a 4.7 percent hold during that time, it only managed to collect $11.4 million in winnings.

With $2.6 million in winnings at the end of the year, PointsBet had its highest winnings since January, when it claimed $3.1 million. The sportsbook, owned by Fanatics, moved closer to $750 million in total accepted wagers with a 9.2 percent hold on $28.6 million handle.

WynnBET became the first mobile book in the state to experience consecutive losing months after accepting $9.2 million in bets in December. This is a questionable accomplishment. Due to the late-year decline, WynnBET’s 2023 win percentage was only 3.5 percent, which was a decrease of more than three percentage points from 2022. Recently, bettors have been hammering WynnBET, winning three of the last eight weeks and six of the last three. WynnBET has distributed $421,023 over the $13.1 million handle it has earned over the previous eight weeks, resulting in a hold percentage of minus 3.2 percent.

Bally Bet experienced a $486,596 revenue swing in the negative from November due to payouts that were $252,433 higher than the record monthly handle of $6.6 million. Bally’s has taken $10.9 million in bets since reopening after moving its sports betting platform to Kambi, but due to a minus-0.2 percent hold, it has lost $18,270 overall.

Check out the latest sports betting odds at Caesars.