December Saw All Time Revenue Highs for New York Sportsbooks

By TheNuts - Jan 16, 2024

Sports Betting
December Saw All-Time Revenue Highs for New York Sportsbooks

With its third consecutive $2 billion sports betting month in December, the state of New York—by far the most prosperous legal sports betting jurisdiction in America—closed out 2023 in spectacular fashion.

Thanks to an increase in operator hold rate, New York sports betting did not establish a record in terms of overall wagering activity in a given month, but it did see an all-time high in sportsbook income in the Empire State.

The New York State Gaming Commission's December report for 2023 shows that sports betting in the state was booming at the end of the year, with $2.04 billion being wagered at state sportsbooks.

With $2.11 billion in wagers in November 2023, December will rank second only to November 2023 as the greatest sports betting month in New York history. Even if the handle decreased somewhat from month to month, the $2.04 billion represents a remarkable 25.8% year-over-year increase in betting activity compared to the $1.62 billion recorded in December 2022.

Not a single other state has handled nearly $2 billion in sports bets each month. It has now happened three months in a row for New York sports betting sites.

At the end of 2023, New York had an incredible $19.1 billion in wagers for the entire year.

In December, New York sports betting reached a record-breaking income level. In January 2023, the state's first full month of legal sports betting brought in $209 million in income for Ohio alone.

Sports betting websites in New York recorded revenues of $188.3 million in December. This figure is a 13.2% increase over the state's previous income record, which was reached in October when $167.3 million in earnings were disclosed. It is an increase over the $150.9 million recorded in November.

Sportsbook earnings in New York increased 32.8% year over year from $142.97 million in December 2022.

Following a solid 9.2% mobile hold rate for New York sports betting companies, revenues increased. In November 2022, it was 7.2%; in October, it was 8.3%; and in December 2022, it was 8.8%.

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