Mobile sports betting operators in New York generated a record-breaking revenue of $188 million in December.
New York's Sports Betting Apps Light Up 2023, Shattering Records
New York's mobile betting games ended 2023 with a bang, setting a new high for sports wagering revenue with an impressive $188.3 million in December, according to figures from the state's gaming commission. This impressive figure places New York just behind Ohio's sports betting launch from January 2022, which reported revenue of over $209 million.
The Empire State's four commercial retail sportsbooks would need a mammoth combined revenue of $1.7 million to reach $190 million in total revenue, a feat they've only managed once in the 23 previous months of mobile wagering in the state.
December's mobile handle reached $2.04 billion, surpassing November's $2.11 billion as the state saw three consecutive months with over $2 billion in bets. Year-over-year handle saw a substantial increase of 25.8% versus the $1.62 billion in bets to close out 2022.
The digital sportsbooks ended 2023 with a total revenue of $1.69 billion from a $19.1 billion handle, achieving a hold of 8.9%. The state government received a record monthly high of $96 million from the mobile books in December, increasing the 2023 mobile sports betting tax total to over $860 million.
FanDuel and DraftKings Dominate 2023
In terms of individual mobile betting apps, FanDuel and DraftKings continued to lead the way in New York. FanDuel finished the year with a record-breaking $93.6 million in operator winnings, a significant jump from its previous high of $83.1 million in October. DraftKings also posted a strong final month with $65.2 million in revenue, setting a new monthly high.
Caesars saw a 2023 high of $15.9 million in revenue from a handle of $202 million in December, while BetMGM's $8.1 million in revenue was down 13.8% compared to its 2022 closeout. BetRivers capped its biggest quarter of action in the Empire State with nearly $3.1 million in revenue from $50.7 million handle, good for a 6.1% win rate. PointsBet finished the year on a positive note, with $2.6 million in winnings and a 9.2% hold on $28.6 million handle.
However, WynnBET and Bally Bet ended the year in the red, with combined losses of $575,897. WynnBET had a dubious distinction of becoming the first mobile book in the state to have back-to-back losing months, paying out $323,464 on top of $9.2 million worth of accepted bets in December. Bally Bet also posted a negative revenue swing of $486,596 from November.
In the final week of 2023, total handle approached $465.7 million, securing a place in the bottom of the Top 10 in 104 weeks of action. WynnBET and Resorts World had losses totaling $115,961, dragging down the overall revenue amount to $36.7 million.
Despite these losses, bettors have been consistently betting on WynnBET, coming out ahead the last three weeks and in six of the last eight. WynnBET has paid out $421,023 above the $13.1 million handle it has generated the last eight weeks, resulting in a negative hold of 3.2%.
While information about specific mobile betting apps achieving the highest sports wagering revenue in New York for 2023 is not readily available, industry context suggests that leading mobile sports betting apps in New York often include brands like FanDuel, DraftKings, BetMGM, and Caesars, which typically dominate U.S. markets by handle and revenue.
The leading mobile sports betting apps in New York, such as FanDuel and DraftKings, dominated the 2023 payout scene, with FanDuel earning a record-breaking $93.6 million and DraftKings posting a monthly high of $65.2 million in revenue. (payout, sports betting, mobile, revenue, DraftKings, FanDuel)
Despite experiencing back-to-back losing months, WynnBET still managed to attract consistent bettors, paying out above the handle in the last three weeks and six out of eight. (WynnBET, payout, handle, bettors)
The combined revenue of the four commercial retail sportsbooks in New York would need to reach a mammoth $1.7 million to reach the same level as the mobile sports betting apps in total revenue. (sports betting, revenue, retail, commercial)
