New York Online Sportsbooks witness Record GGR figures for November
There was somewhat of a careful optimism when the state of New York received regulatory approval to offer mobile sportsbooks at the end of last year.
An encouraging start for the full complete of February (and the last two weeks of January), saw New York post impressive revenue figures from each of its sportsbooks, and this has subsequently been followed up by encouraging numbers over the last 12 months.
However, November saw the state witness its best GGR (Gross Gaming Revenue) figure yet, with its sportsbooks recording numbers of $148.2 million.
How has this been achieved?
No doubt, the upwards trajectory of the market has played a factor in this figure as more and more people have become accustomed to their favourite sportsbooks, while increased customer acquisition via effective advertising will also have had a positive impact.
Despite January having the highest gambling handle with $1.66 billion wagered, November had the highest GGR, though the handle for the month was still a staggering $1.55 billion (third since records began, after January and March).
However, the respective sports seasons are in full swing, with the NFL and NBA likely being responsible for a considerable amount of the revenue, particularly the Thanksgiving weekend, a highlight of the NFL calendar, in particular, subsequently attracting a lot of betting interest.
It is also worth noting that salaries in New York are some way above the national average, and even when taking into account the cost of living, it is worth factoring in the elite professions circling Wall Street.
Leading sportsbook, FanDuel continued its dominance, coming in first with a GGR of $78.29 million and a handle of $646.2m. With the highest tax rate in the union for the industry, standing at 51 per cent, it saw gambling firms pay out a collective $75.59 million in taxes - up on last month’s record of $74.28 million.
More to follow for New York?
There is unlikely to be any doubt about the fact that the state can continue to beat records for GGR and even betting handles, especially as sign-ups increase and the amount that customers wager.
As well as this, the NFL season will reach its conclusion in February, with the SuperBowl and prior to that, the play-offs, with this being a major factor for the impressive betting figures in January.
We could also see even more sportsbooks enter the state in the next couple of months to give customers further choice.
Written for onlinecasino-southafrica.co.za by Adiela de Bruyn - on 18-12-2022