New York Sportsbooks Set All-Time Revenues Highs in December

The state of New York, by far the most successful legal sports betting jurisdiction in America featuring the best sportsbooks, closed out 2023 in style with its third straight $2 billion sports betting month in December.

While not setting a record in terms of overall sports wagering activity for New York sports betting apps in a given month thanks to an increase in operator hold rate, sportsbook revenues hit an all-time high in the Empire State.

To nobody's surprise, it was a battle between FanDuel and DraftKings for the title of best New York sports betting app in December, with FanDuel New York setting a new single-month operator record for wagers taken.

$2.04 billion December handle for New York

New York sports betting, which features New York sportsbook promos, was on a tear to close out 2023, with $2.04 billion spent at state sportsbooks during the month, according to the New York State Gaming Commission December report.

The December haul represents the second-best sports betting month ever in New York, second only to November 2023 and its staggering $2.11 billion in wagers. Despite the slight month-over-month handle dip, $2.04 billion is an impressive 25.8% year-over-year spike in betting activity from the $1.62 billion reported in December 2022.

No other state has come close to a $2 billion monthly sports betting handle. New York sports betting sites have now done it in three straight months.

New York ended 2023 with a staggering $19.1 billion in bets taken in for the full year.

Revenue record falls in December

The best sports betting apps in New York experienced an all-time revenue high during December. Only Ohio's $209 million revenue figure from the state's first full month of legal sports betting in January 2023 was better.

$188.3 million in December revenues were reported for New York sports betting sites. That number is up from the $150.9 million reported in November, and it's 13.2% better than the previous revenue record for the state set in October when $167.3 million in profits was revealed.

Year-over-year, sportsbook profits in New York spiked 32.8% from the $142.97 million in December 2022.

Revenues climbed on the heels of a respectable 9.2% mobile hold rate for New York sports betting sites. The win rate was 7.2% in November, 8.3% in October, and 8.8% in December 2022.

Tax contributions set record too

Thanks to a near-record monthly handle and climb in hold rate, New York state and local tax coffer contributions also set a record in December.

New York mobile sportsbooks paid $96 million in taxes during December, taking the full-year tax total to $860 million. That number is an impressive $168.6 improvement from the tax contribution figure in 2022, and it's about 75% higher than the total of $500 million in annual tax contributions that analysts expected from the New York legal sports wagering scene.

FanDuel ends the year with a record revenue total

The battle for the best New York sports betting site once again came down to FanDuel and DraftKings in December.

FanDuel New York came out on top with $834.5 million in December wagers, and it set a record for monthly revenues from an Empire State sportsbook thanks to an 11.2% hold rate. FanDuel became the first New York sports betting app to surpass the $90-million mark in revenues for a given month with $93.6 million.

DraftKings New York finished second in the race with $773.3 million in accepted bets during December. That resulted in its best revenue haul ever in New York with $65.2 million in profits off of an 8.4% hold.

Caesars New York finished third with a respectable $202 million in bets during December with $15.9 million in revenues. BetMGM New York was fourth with $126.5 million in accepted bets during December and a slightly disappointing $8.1 million in revenues, thanks to an underwhelming 6.4% hold.

BetRivers New York rounded out the top five with a $50.7 million December handle and $3.1 million in revenues, with PointsBet coming in sixth and Fanatics finishing seventh.