New York Hits Fourth Consecutive $2 Billion Handle In Sports Betting
New York Hits Fourth Consecutive $2 Billion Handle In Sports Betting
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December 2024 witnessed New York’s nine licensed online sportsbooks collectively amassing a £2.28 billion in wagers. This figure represents the second-highest monthly handle ever reported by the New York Gaming Commission but also falls a mere £40 million short of the all-time record set in October of the same year.
Comparing the December 2024 performance to the previous year reveals a 11.8% increase in the amount wagered.
Lower Hold Percentage Impacts Operator Profits
Despite the impressive handle, December 2024 presented some challenges for sportsbook operators in terms of revenue generation. The month recorded a hold percentage of 6.6%, which is notably lower than previous months. This resulted in revenue of £150.4 million, the lowest ever recorded on a £2 billion handle in New York.
The revenue figures for December 2024 represent a significant decline both year-on-year and month-on-month:
These reductions highlight the volatile nature of sports betting revenue, even in the face of consistently high betting volumes.
The 6.6% hold rate in December 2024 marks the second-lowest win rate ever recorded in New York’s online sports betting history. It falls just short of the 5.4% hold recorded in February 2023, shortly after the market’s launch. This low hold percentage underscores the challenges operators face in maintaining profitability amidst intense competition and savvy bettors.
