New York Online Sports Betting Hits $2.28 Billion in December

New York sports bettors wagered $2.28 billion online in December 2024, marking the second-highest monthly total since the state legalized online sports betting in January 2022. While the figure reflects an 11.1% year-over-year increase and a 0.7% improvement over November, it fell 1.7% shy of the all-time record of $2.32 billion set in October 2024.

Despite the increase in betting activity, gross gaming revenue (GGR) for December dropped to $150.4 million, down 20.1% from December 2023 and 35.1% from November's record-setting revenue. This decline resulted in a state-wide hold of 6.59%, according to the New York State Gaming Commission. The drop in revenue was largely attributed to customer-friendly sports outcomes late in the year, a trend that several operators acknowledged as impacting their annual financial results.

 

December Developments

Last week, Flutter, the parent company of FanDuel, announced it would fall approximately $370 million short of its US revenue projections for fiscal year 2024 due to what it described as “very unfavorable” sports results. FanDuel continued to lead New York's online sports betting market by a wide margin in December, generating $70.6 million in revenue from $925.6 million in bets, equating to a 7.63% hold. Its closest competitor, DraftKings, posted $46.5 million in revenue on a $731.9 million handle, resulting in a 6.35% hold.

Fanatics climbed back to third place after slipping in November, earning $9.8 million in revenue from $171.6 million in wagers with a 5.71% hold. BetMGM fell to fourth, reporting $9.6 million in revenue on a $178.1 million handle for a 5.39% hold. Caesars rounded out the top five, with $8.9 million in revenue from $158.3 million in bets, translating to a 5.62% hold. Among smaller operators, Rush Street Interactive led with $2.9 million in revenue from $46.4 million in bets, achieving a 6.25% hold. ESPN Bet experienced a mixed month, posting its highest handle since launching in New York in September at $48.7 million. However, its revenue declined month-over-month, resulting in $1.3 million in earnings and a 2.67% hold.

Bally Bet reported $550,029 in revenue on a $13.2 million handle for a 4.15% hold. Resorts World Bet, the smallest operator in the market, posted $462,644 in revenue from $6.8 million in bets, with a 6.8% hold.

 

The drop in December revenue reflects the impact of customer-friendly sports results, a trend that has challenged operators’ profitability across the market

The Future and Challenges

December’s data highlights the volatility of sports betting revenue, with fluctuating win rates and bettor-friendly outcomes significantly affecting operator performance. While betting activity in New York remains robust, the decline in hold rates for several operators underscores the challenges of sustaining profitability in a highly competitive market.

As New York continues to lead the US sports betting market in total wagers, the data reflects a maturing but still dynamic industry, with established giants like FanDuel maintaining dominance and newer players like ESPN Bet striving to carve out market share. Looking ahead, operators will need to balance growing handle volumes with strategies to improve profitability and withstand the unpredictability of sports outcomes.