New York's online sports betting market heated up again this past November. According to data released by the New York Gaming Commission and industry tracking agencies, operators' total revenue hit a new historical high this month, with overall betting amounts also remaining close to record levels. It seems that the fervor of the football season combined with the Thanksgiving holiday boost has once again showcased the "money-drawing" power of this important market in the US.
Overall market data is impressive, with both betting amounts and revenue reaching new highs
Despite slight differences in statistical calibers among different institutions, all reports point to the same conclusion: November was a harvest month for New York sports betting. Data shows that the total betting amount from the eight licensed sports betting platforms in the state ranged between $2.27 billion and $2.61 billion. Although slightly lower than the peak in October, it represents a solid growth compared to the same period last year.
What makes operators even happier is the "win rate" (Hold Percentage). One report pointed out that on the basis of a betting amount of $2.61 billion, operators achieved a 10.7% win rate, which pushed the monthly total revenue to an astonishing $280.5 million. In layman's terms, this means that for every $100 wagered, the platform averages over $10 in earnings, which is quite efficient. High win rates combined with a large betting flow directly brought New York State a monthly tax revenue of $143 million, with total tax revenue for the year easily surpassing the $1.19 billion mark.
FanDuel and DraftKings continue to dominate, expanding their lead
The positions of the market leader and runner-up remain stable, and they are also continuously breaking records. FanDuel's performance is phenomenal, with monthly betting amounts breaking the $1 billion mark and bringing in $131.9 million in revenue, a year-over-year increase of over 28%, setting a new record for single operator revenue in New York State.
DraftKings is not to be outdone, achieving its best month in history with revenue reaching $89.1 million. Analysts point out that FanDuel's revenue is approximately $25 million more than that of DraftKings. Together, these two giants can be said to take away most of the market's profits, leaving other competitors struggling to catch up. According to observations from PASA's official website, this duopoly is unlikely to be shaken in the short term.
Emerging forces grow steadily, Thanksgiving week becomes a "burst order" engine
In addition to the two giants, other operators are also making efforts in their respective tracks. Fanatics Sports Betting, since its launch at the beginning of the year, has shown strong growth momentum, with betting amounts exceeding $200 million for the fourth consecutive month in November, and revenue also reaching a new high since its launch. Caesars and BetMGM also delivered decent monthly performance reports, leveraging the heat of the NBA and NFL seasons.
The market's novelty also comes from new players like ESPN BET, which recorded its best monthly performance since its launch in November. The entire market's vitality exploded during the week of Thanksgiving. Data shows that in the week ending November 30, the statewide betting amount surged by 18.6% week-over-week, reaching $637.5 million. Due to three underdog NFL teams all winning on Thanksgiving Day, the operators' weekly win rate reached 11.4%, causing weekly revenue to soar to $72.5 million. Just FanDuel and DraftKings alone contributed nearly 80% of the week's revenue, truly making a fortune.
Industry analysts generally believe that the traffic peak brought by Thanksgiving may be difficult to fully replicate in December. However, with the arrival of the year-end holiday season and the highly anticipated NFL events first broadcast on Netflix, the market's heat is still expected to continue. It seems that New York's sports betting market has more highlights to offer in this "year-end grand show."
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