New York Sets A New High for Online Sports Betting Revenue in November
New York City, NY – New York has just recorded its highest monthly revenue to date for online sports betting, according to data reported by iGamingBusiness. In November, the state's mobile betting market saw an increase in activity, setting a new record for the entire industry. This growth is a clear sign that the Empire State is now firmly at the top of the American gambling scene, leaving other regions way behind in its wake.
According to figures published by EGR Global, total sportsbook revenue for November reached approximately $280 million. That's a jump compared to previous months and indicating continued market adoption and maturity to catch the action on their favourite sporting codes. You can tell from this monthly revenue figure on its own that the market is still in expansion mode and hasn't yet reached its full potential.
A significant portion of this success can be attributed to the substantial volume of bets placed daily. The total amount of money wagered by the public, or the "handle," went over $2.6 billion for November alone. This handle proves that New Yorkers are highly engaged with their teams and are willing to put money behind them.
A New Standard for the American Market
According to industry analysts, these latest results have established a new benchmark for every other state in the US. Even though New York has a very high tax rate of 51% on these earnings, the betting companies are still seeing huge success. This performance suggests that the size of the population and their deep love for sport can overcome even the toughest regulatory environments and high costs.
The timing for this record was no accident, as November is one of the busiest months in the American sporting calendar. With the NFL season reaching its most competitive stage and the NBA and NHL seasons starting up, there was no shortage of games for fans to follow. The latest November report shows that the biggest companies, like FanDuel and DraftKings, continue to account for a significant share of market activity.
It is also worth noting that the state government is seeing a huge benefit from this industry. Since the tax rate is so high, over $140 million this month goes directly into the state budget to pay for public services. The public benefit the industry offers is the reason why it has been allowed to grow at such a rapid pace.
As the year draws to a close we are all watching to see if this momentum is going to keep going into the upcoming playoffs. Many believe that the betting growth seen in November is just the beginning of a long term shift in how people consume sport. The November figures highlight the scale and fiscal impact of regulated online sports betting in New York, reinforcing its position as a benchmark market within the United States.