Sports Betting in New York Closes 2024 with Fourth Straight Month of $2 Billion in Wagers

A December filled with NFL, college football’s postseason, NBA, college basketball, and NHL produced a handle of $2.28 billion, the second-highest month ever reported by the New York Gaming Commission and $40 million away from the all-time high set in October. 

The amount wagered in December increased 11.8% year-over-year and less than 1% month-over-month. 

However, the 6.6% hold was lower than the customer-friendly October that plagued New York operators during an unprecedented run by NFL favorites. December was even worse as revenue reached $150.4 million, the lowest ever recorded on a $2 billion handle. 

Revenue also fell 23% compared to December 2023 and 35% month-over-month. It’s the second-lowest win rate recorded behind the 5.4% in February 2022.

The Empire State hauled in $76.9 million from the 51% tax rate on online operators. 

Year in review

New York online sports betting, the most lucrative market in the U.S., generated $22.7 billion in wagers during 2024. The nine sportsbooks also hauled in a little over $2 billion in revenue. Both are the most produced in a single year by the Empire State.

December brought the yearly hold down to 8.9%, but it’s still the highest win rate yet recorded in New York. The Empire State filled its coffers in 2024 with more than $1 billion in tax revenue, also the most ever. 

Over the last three years, online sports betting has generated nearly $2.6 billion in tax revenue for the state.          

FanDuel sets new mark

FanDuel set a single-operator record in New York with a monthly handle of $925.6 million, beating out the $925.4 million wagered in November 2023. The handle also rose by nearly $90 million compared to December 2023.  

A 7.6% hold led to $70.6 million in revenue, the most among all New York sports betting operators in December but more than $30 million less than November’s haul. 

DraftKings finished second with a handle of $731.9 million and was the only other sportsbook to surpass $10 million in revenue, bringing in $46.5 million. 

BetMGM narrowly claimed third place in December with a $178.1-million handle, but Fanatics Sportsbook, which finished fourth at $171.6 million, produced a slightly higher hold to generate $9.8 million in revenue, $200,000 more than BetMGM. 

Caesars rounded out the top five with revenue of $8.7 million on a handle of $158.3 million. ESPN BET beat out BetRivers in handle for the first time since PENN Entertainment’s platform launched in September.

ESPN BET generated $48.7 million in wagers while BetRivers had a handle of $46.4 million. However, the Rush Street Interactive platform’s $2.8 million in revenue more than doubled ESPN BET’s December profits.    

One good week

The Empire State only produced one really good week of revenue in December when operators made more than $61 million during Christmas week, spurred by the NFL and nearly 20 college football bowl games. It was the only double-digit hold week of the month. 

The stretch that included New Year’s Day, led by the final week of the NFL and the quarterfinals of the College Football Playoff, was huge as the market’s online sportsbooks produced the first $600-million weekly handle. 

However, the 6.3% hold was more in line with December and stymied massive gains for operators.