December 2023 New York Sports Betting Revenues Hit More Records

David Weir Article ByDavid Weir

January 5, 2024

December 2023 was yet another record month for the New York sports betting market, according to the last New York State Gaming Commission revenue release covering 2023.

The Empire State capped of its year at the top of all U.S. sports betting markets, with an all-time high $188.3 million in gross gaming revenue.

However, the $2.04 billion in total wagers for December did not quite beat November’s national record handle of $2.109 billion. While November saw more wagered, it also saw the second-lowest monthly hold for operators, as New York state bettors took the ‘books to the cleaners.

The house bounced back in December, though, as revenues tidily beat the previous monthly high of $166.3 million, set in October 2023, by 13.2%. The figures also showed a substantial 32.8% increase from December 2022’s $141.8 million.

To top it off, it was the third consecutive month that New York bettors have wagered more than $2 billion, underlining the growing popularity of the largest U.S. sports betting market going into 2024.

All of that translated into significant tax contributions for the state. Sports betting in New York generated more than $96 million in taxes for December, and more than $861.8 million for the year 2023.

FanDuel and DraftKings Dominate Competitive Landscape

FanDuel emerged as the front-runner in the market for the month, stretching its lead over DraftKings, with $93.6 million in revenue from $834.5 million in bets.

That news comes as FanDuel’s owner, Flutter Entertainment, is in the final stages of moving its stock listing from London to the New York Stock Exchange.

FanDuel’s main rival, Boston-based DraftKings, followed in second for December with a revenue of $65.2 million and a handle of $773.4 million.

Caesars maintained its third-place position, with $15.9 million in revenue from $202.0 million in bets.

Other notable contributors included BetMGM with $8.1 million in revenue, and Rush Street Interactive with $3.1 million.

Losses and Taxes

Despite these successes, two operators, Bally Bet and Wynn Interactive, reported losses in December.

Outside of Nevada retail sportsbooks, Wynn Interactive’s WynnBET is only available for New York and Michigan sports betting after closing up in eight states in late 2023. Both markets are under review by the operator.

Considering it has now made a loss for two months in a row in the nation’s largest market — the first operator to do so, no less — things aren’t looking good.

This performance has led some business figures to speculate that WynnBET’s New York license may prove attractive to Penn Entertainment’s shiny new ESPN Bet.

Meanwhile, Bally Bet, only re-opened in November 2023 after closing down for several months to upgrade the service, retained last place as least-popular sportsbook in New York.

It didn’t capitalize on its profitable November and fell to a $252,000 loss – although it did improve its overall handle, which rose to $6.6 million.

Operators in the nation’s biggest market are also charged its highest sports betting tax rate at 51%. They also can’t deduct promotional spending, as they do in many states.

That meant sportsbooks actually took home $92 million in revenues in December, and the New York tax authorities took $96 million.

It may not be sports betting – but another big win worth celebrating happened in New York gambling in December. Brookyln resident Wayne Murray beat unbelievable odds to win his second $10 million New York lottery jackpot in two years.

CEP Main Shatters Records as PokerStars EPT Barcelona Kicks Off

 

With a groundbreaking turnout of nearly 2000 contenders, the CEP Main Event has shattered records and ignited excitement.

The conclusion of the PokerStars-sponsored Campeonato España de Poker (CEP) tour in Barcelona marked a significant milestone, with the CEP Main Event drawing an astounding crowd of nearly 2000 entries. This unprecedented turnout has set the stage for the upcoming prestigious European Poker Tour (EPT) Barcelona, while tax-related concerns loom and expectations of record-breaking participation abound.

The CEP Main Event, which featured a €550 buy-in, attracted a record-breaking 1960 players. This accomplishment solidified the Main Event’s position as the largest in CEP history, surpassing the previous record set four years prior with 1773 registrations. The surge in participation reflects an impressive growth of nearly 50% compared to the previous year’s event.

Held at Casino Barcelona from August 11, the 2023 CEP Barcelona stop experienced strong turnouts, despite uncertainties stemming from recent tax changes in Spain.

The trend of robust participation was evident from the outset of the CEP, with various events reporting exceptional attendance. The opening event, with a €330 entry fee, witnessed 822 entries—almost double the attendance of the previous year’s edition. Similarly, the Mini Main Event, featuring a €200 buy-in, saw 786 participants, marking a significant 30% increase compared to the previous year.

The culmination of this enthusiasm was the Main Event’s remarkable achievement, resulting in a total prize pool of €854,560 across its five Day 1s.

The CEP festival aligns with a broader global trend of increased interest in live poker events. From the World Series of Poker (WSOP) to regional events in Europe and Asia, record-breaking attendance is becoming the norm, underscoring the undeniable demand for live poker experiences.

With the CEP chapter coming to a close, attention now shifts to the highly anticipated European Poker Tour (EPT) Barcelona.

Commencing on August 21, the PokerStars LIVE Estrellas Poker Tour (ESPT) commenced, serving as an integral part of the main EPT festival.

EPT Barcelona, a cornerstone of PokerStars’ European destinations, is renowned for attracting substantial crowds. The city’s rich poker history dates back to 2004, hosting significant stops of the European Poker Tour. Last year, both the ESPT and EPT Main Events set attendance records, with the €5300 EPT Main Event becoming the largest-ever in EPT history, drawing 2294 players.

However, this year’s EPT Barcelona faces a unique challenge due to recent tax changes in Spain. These alterations impose taxes on poker players’ winnings, affecting both local and international participants, irrespective of their professional or recreational status.

While European Union players face a 19% tax rate, non-EU players contend with a higher 24% rate. This change in tax classification has raised concerns and uncertainty among players about the sustainability of EPT Barcelona’s historically impressive turnouts.

Nevertheless, the record-breaking attendance during the CEP festival provides assurance, suggesting another prosperous EPT Barcelona edition on the horizon.

Running from August 21, the EPT Barcelona series features the prestigious €5300 EPT Main Event scheduled from August 27 to September 3. Online satellites on the PokerStars platform have already begun, with buy-ins starting as low as €5.50.