The New York State Gaming Commission has published its December mobile sports betting results. And the Empire State’s handle has reached the $2bn mark for the third consecutive month.
The report showed that players around the state contributed to a $2.04bn handle in December, the second-highest result to date since the Empire State opened the market for mobile sports wagering. November remains the top month since the market’s opening, according to the commission’s report.
Other strong months during the year included September and October, which brought in monthly handles of $1.75bn and $2bn respectively.
Last month’s handle grew by close to $400m year-over-year.
So far for the fiscal year, New York’s sports betting handle has climbed to more than $14bn.
Gross gaming revenue (GGR) during December grew by nearly $38m when compared to November’s numbers. December GGR statewide climbed to $188.3m, providing the highest figure of 2023.
Platform providers around the state reported a combined total of nearly $92.2m in net revenue during December. Net revenue grew by almost $20m when compared to earnings from November.
New York’s platform providers have brought in more than $820m in net revenue for the fiscal year.
Revenue set aside for education during December totaled $96m, the largest amount to date for 2023.
Online sports betting in New York went live two years ago. To date, more than 30 states have embraced regulated sports betting since the US Supreme Court overturned the Professional and Amateur Sports Protection Act of 1992 (PASPA) in May 2018, also known as the Bradley Act.
So we can see the numbers in New York show a huge market for sports betting. But, with its 51% tax rate, we are still looking at a large chunk of revenue operators will never end up actually seeing.
