December 2023 was historic for online sports betting revenue in New York
In December, New York set a new record for online sports betting revenue with $188.3 million (or £148.7 million/€172.3 million). This result was only slightly lower than the previous record set in November. There has been a steady increase in interest in sports betting in the region.
Revenues in December topped New York’s previous record of $166.3 million set in October 2023, up 13.2%. This figure is also significantly higher than the $150.9 million recorded in November and is 32.8% higher than the $141.8 million recorded in December 2022. Total bets in December were $2.04 billion, down just 3.2% from November’s record of $2.11 billion. However, this is still 25.7% higher than the $1.62 billion figure for December of the previous year.
For the third month in a row, New York City gamblers spent more than $2 billion on online sports betting. New York became the first state to reach monthly betting volumes of over $2 billion in October.
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FanDuel continues to widen its lead over DraftKings in New York
Flutter Entertainment-owned FanDuel continues to strengthen its lead in New York, expanding its lead over DraftKings in December. FanDuel’s revenue was $93.6 million from total betting turnover of $834.5 million. DraftKings holds second place with $65.2 million in revenue and $773.4 million in sales. Caesars followed with $15.9 million in revenue on $202.0 million in total bets in December.
BetMGM also performed well, with revenue of $8.1 million and total online betting volume reaching $126.5 million. Rush Interactive came in next with $3.1 million in revenue from $50.7 million in online betting. PointsBet and Resorts World Interactive also reported their numbers: PointsBet had revenue of $2.6 million on $28.6 million in bets, while Resorts World Interactive reported revenue of $401,566 on the same amount of bets.
New Record Revenue in New York Despite Losses of BallyBet and Wynn Interactive
New York’s report of record revenue is even more impressive given that two of the state’s nine licensed operators posted losses in December. Wynn Interactive posted the most significant losses of $323,464 on total bets of $9.2 million. December marked the second month in a row that the operator reported losses in online sports betting.
BallyBet also announced losses of $252,433 for a total of $6.6 million. BallyBet only resumed its online sports betting operations in New York in November after being suspended in July.
FanDuel and new rules for advertising near colleges: lobbying and documents
December in New York brought a number of developments related to FanDuel’s lobbying for new rules regarding sports betting advertising near the state’s colleges and universities. FanDuel actively opposed the campus advertising ban, according to unredacted documents released by the New York State Registrar. The new rules were introduced in October after considering various views from licensees.
Despite the registrar’s filings, FanDuel has expressed opposition to the change, disagreeing with the ban on advertising on college and university campuses. The New York State Gaming Commission maintained its position, noting that advertising near educational institutions may be considered an undesirable marketing strategy, especially given the potential exposure to minors. Their goal was to prevent “predatory” marketing aimed at this audience.