New York, the No. 1 sports betting market in the country, has topped more than $200 million in adjusted gross revenue in less than two months, leading to more than $100 million in tax revenue for the state.
New York Gov. Kathy Hochul set the goal of $250 million in tax revenue for her state in 2022 after the online sports betting launch on Jan. 8. But with more than $3 billion in total sports betting handle through Feb. 27, which has led to $204 million in AGR for the industry, the state has already reaped $104 million in taxes.
That puts New York 40 percent of the way to reaching Hochul’s target goal of tax revenue, and 10 months remain in the year.
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New York Sports Betting Handle Eclipses $3 Billion Mark
According to data released by the New York State Gaming Commission, the nine New York sportsbooks have taken in $3.1 billion in wagers since the launch in January. There was $517 million reported in the partial month of January and $552 million reported in the first 27 days of February. Once costs and bonus offers are removed from that figure, the adjusted gross revenue is estimated at just over $204 million. With a 51 percent tax rate on AGR, New York will get more than half of that figure for state programs.
Top Sportsbooks by Total Handle in New York
Out of the gate, with nine sportsbooks jostling for market share in New York, some familiar names are at the top.
- FanDuel … $1.07 billion
- Caesars … $943 million
- DraftKings … $757 million
- BetMGM … $232 million
- PointsBet … $81 million
- BetRivers … $69 million
- WynnBET … $4.8 million
It’s been Caesars however that has so far been the most efficient at capturing market share. Caesars Sportsbook New York leads the way with $78 million in AGR through Feb. 27. DraftKings is next with $58 million, and FanDuel is third with $50 million in adjusted gross revenue thus far via their online sportsbook in New York.
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Market Growth Should Continue in March
There’s no reason to believe that March will see a slow down of online sports betting in New York. NCAA basketball conference tournaments have already begun, and the NCAA Men’s Basketball Tournament, known as March Madness, starts on March 15. In less than four weeks, the tourney will feature 67 games for sports fans to wager on. The NBA and NHL regular seasons will also continue to attract attention from sports bettors.
The state is still seeing many attractive offers from sportsbooks that are giving deposit bonuses or “second chance bet” offers to new customers on their mobile apps. The best sportsbook offers in New York are available for download with many featuring bonus codes and other offers.
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