New York sportsbooks are on a roll, and we only see better numbers for the betting market- and the betting industry in general. As what most can see in gambling industry news, sports betting numbers tend to go up during this time of the year. And while its normal to see increasing handle and revenue, its always notable when we see markets break records. And here, sportsbooks in New York have report higher betting handles and a new monthly revenue record- breaking a record they set a month ago.
Our sportsbook pay per head blog continuously tracks sports betting reports from markets across the country, and New York always stays on the top list of the best markets in the US. According to the report by the New York State Gaming Commission, the total online sports betting handle of the state for November is at $1.55 billion. This is higher than October’s $1.54 billion.
New York Sportsbooks Revenue
The gross gaming revenue (GGR) for the state’s sportsbooks is at $148.2 million, $2.5 million higher than the previous record of $145.7 million. The new GGR has a 9.5% hold rate, slightly higher than October’s 9.4% win rate. Meanwhile the state collects $75.6 million, again a new record set as it beat October’s $74.3 million. The tax rate is quite high, and way much higher than you would if you use a sports betting platform solution, at 51%.
We will be able to see if December’s numbers will be better since the state reports the weekly numbers of sports betting in New York. So far, we are seeing a decrease in week-on-week activity in betting for the first week of December. But the hold rate is higher, increasing from 8.1% to 8.5% with a $31.8 million GGR for the first week of the month.