NY Sports Betting Revenue

Here are the latest New York online sports betting revenue amounts as we go through April 2024. How do we expect the online sports betting market to maintain its progress going into the 2023-24 NFL and college football seasons? We’ll continue to look at all of that here with updates on the latest NY sports betting revenue information.

It only took one month, and New York already had one of the largest online sports betting markets in the US. Right before the turn to 2023, the state saw the sports betting handle total over $16 billion. Activity has continued to thrive, with NY sports betting reaching $25 billion in handle faster than any other state in the country.

This coming football season could bring the industry to even more lofty heights. We estimate that a $2 billion month is in play during the 2023-24 NFL season. That would be a first for any individual state’s sports betting business.

Sportsbooks operating in the state have received more betting tickets and gathered more revenue than any other legal state since the beginning. That holds especially true for state tax revenue, which is a whopping 51% for NY. It’s much higher than what used to be the record in Pennsylvania at a 36% tax rate. The good news? The state could potentially decrease the tax rate in the near future.

Overall NY Online Sports Betting Revenue Totals

Estimates through July 31
Total NY Betting Handle$26,226,029,747
Total NY Betting Revenue$2,332,387,312
Total State Tax Revenue$1,162,469,918

2023 started off with New Yorkers wagering more than $400 million in each of the first four weeks.

That momentum continued through the first half of the year. New Yorkers wagered $9.1 billion online through June, up from $8.5 billion to that point in 2022. In June, sportsbooks reported $1.16 billion in bets, a year-on-year increase of nearly 11% from June 2022.

The same two sportsbooks remain on top: FanDuel and DraftKings. FanDuel NY, in fact, led all operators for 17 straight months after the industry opened its doors in January of 2022. DraftKings NY took the top spot in June to break that streak, taking in $488.5 million in bets to FanDuel’s $418.2 million.

Could a New York State Tax Break Be Coming for Online Sports Betting?

We’ll be looking closely at the sustainability of the sports betting industry in New York. State tax revenue exceeded the government’s expectations. While that’s good for the state, operators can’t keep offering bonuses and promotions at the level we’ve seen in other locations.

BetMGM NY has recently nixed its welcome promotion and bonus offers for residents in the Empire State. This is likely due to the high tax rate in place. WynnBET will also be pulling back considerably on its welcome bonus. Many operators aren’t expecting lots of short-term revenue due to the gigantic state tax rate.

NY Sports Betting Revenue By Month

New York mobile sports revenue is released by the New York State Gaming Commission (NYSGC). They have a “Weekly Financial Report” and “Monthly Financial Report” for all nine sports gaming operators. In addition, there is a statewide report that combines totals of all nine sportsbooks. These reports are available in PDF and Excel format.

For the Weekly Financial Report, New York State adds up the betting handle and gross gaming revenue (GGR) from Monday through Sunday. Dates are listed for that Sunday when the week is completed.

On Monthly Financial Reports, mobile betting handle and gross gaming revenue are given out on a monthly basis. Net revenue will also be shown that is taken by the state and given to the gaming operator. Other information includes unclaimed funds and other adjustments.

The Empire State taxes gross gaming revenue for mobile sports betting at 51%. All futures bets are taxed in current revenue. Those payouts are taken out whenever they are redeemed.

Monthly Online Sports Betting Handle

SportsbookJanuary 2023February 2023March 2023April 2023May 2023June 2023July 2023
FanDuel$726,650,098$591,049,764$740,102,727$626,291,453$561,434,021$418,171,757$384,588,616
DraftKings$593,356,155$491,299,315$589,797,681$516,406,585$471,145,522$488,531,767$340,355,173
Caesars$223,705,390$192,792,563$237,481,595$185,309,434$162,890,276$124,804,829$111,094,537
BetMGM$122,933,943$107,686,010$121,231,984$126,684,201$93,777,072$75,355,170$65,090,440
BetRivers$47,580,489$37,575,375$49,878,528$49,067,164$35,926,807$31,953,102$35,708,959
PointsBet$57,959,421$29,673,284$28,913,201$20,670,168$19,076,065$15,673,186$14,399,021
WynnBET $10,457,561$10,317,886$10,403,191$9,840,141$7,852,252$6,970,827$6,712,970
Resorts World Bet$5,389,164$5,356,051$5,141,840$7,909,338$4,260,285$4,031,462$4,176,379
Bally Bet$959,234$1,206,308$3,002,231$2,286,895$2,221,206$898,761$0
Totals$1,788,991,455$1,466,956,555$1,785,952,977$1,544,465,378$1,358,583,506$1,166,390,859$962,126,094

DraftKings NY took the top spot in June, marking the first time another operator has taken in more bets in a month than FanDuel. FanDuel, though, claimed the top spot again in July as the two titans claimed nearly $725 million in handle.

Monthly Online Sports Betting Revenue

SportsbookJanuary 2023February 2023March 2023April 2023May 2023June 2023July 2023
FanDuel$81,870,475$53,511,728$79,633,216$70,975,478$75,997,094$47,226,524$41,095,057
DraftKings$39,801,860$33,484,329$52,017,767$44,918,778$47,720,457$37,127,376$41,086,402
Caesars$14,960,470$8,484,065$15,190,414$12,752,332$13,911,177$8,573,196$10,613,250
BetMGM$7,197,739$7,539,737$9,596,989$7,100,176$8,852,178$7,049,029$6,755,480
BetRivers$1,946,897$2,432,925$3,580,406$803,291$3,222,369$2,132,623$3,218,763
PointsBet$3,126,652$1,855,711$1,620,481$1,705,339$1,213,648$986,717$1,348,701
WynnBET$237,385$470,549$640,340$465,081$461,011$476,602$517,872
Resorts World Bet$202,984$484,445$340,239$71,358$416,605$187,279$496,793
Bally Bet$82,934$18,451$207,727$28,731$173,560$68,438$0
Operator Revenue$73,219,425$53,058,151$79,785,514$68,022,077$74,464,368$50,875,614$51,514,836
State Tax Revenue$76,207,973$55,223,789$83,042,066$70,798,487$77,503,730$52,952,170$53,617,482
Total Revenue$149,427,397$108,281,940$162,827,580$138,820,564$151,968,098$103,827,784$105,132,318

A late start hasn’t prevented New York from reaping the fiscal benefits of legalized sports betting. New York has soared past the $1 billion mark in taxes collected through the industry.

Only two states, Nevada and New Jersey, have ever collected as much as $1 billion in taxes from sports betting. But those jurisdictions enjoyed years of legal gambling before the landmark United States Supreme Court repealed the Professional and Amateur Sports Protection Act in 2018.

2022 NY Online Sports Betting Handle

Sportsbook2022 Total Estimated Handle
FanDuel$6,634,733,009
DraftKings$4,611,716,107
Caesars$2,828,497,162
BetMGM$1,360,444,227
PointsBet$453,430,807
BetRivers$417,610,790
WynnBET$93,963,866
Resorts World Bet$56,847,306
Bally Bet$5,578,521
Overall$16,462,821,795

 

NY Sports Betting Revenue FAQs

What is online sports betting handle?

Sports betting handle refers to the amount of money that bettors have placed with their sportsbook(s). The amount listed is the total amount these operators have received prior to deductions from bettor winnings and promotions.

How much does the state of New York receive in sports betting tax revenue?

For online sports betting, the New York State Gaming Commission set the tax rate to 51% on gross gaming revenue.

Where does the tax revenue New York State receives on mobile sports betting go?

According to the New York Daily News, NYS Senator Joseph Addabbo, Jr. said that tax money would fund education and youth sports. Expect some of that money to also help various industries and problem gambling campaigns.

How often does New York release their online sports betting revenue figures?

The New York State Gaming Commission (NYSGC) releases its mobile sports wagering reports on a weekly and monthly basis. They have sections for each of the nine sportsbooks and a statewide report for all operators.

Are all of these sportsbooks really making this much money from NY online sports betting?

Gaming operators are making a good amount from online sports betting in the state, but there are many factors to consider. They need to halve their revenue and pay that to the state. There are also a number of different costs that must be considered, such as advertising, technical features, and more.

We’ll know more when companies release financial reports, but it wouldn’t be surprising to see gaming operators run with short-term losses in New York. They believe the online gambling market in the state will grow to the point where they rake in long-term profits.

What sportsbook is most popular in New York?

FanDuel Sportsbook is the platform most chosen by New York online sports bettors. It was the top-ranking sportsbook by handle for the first 17 months NY online sports betting was active before DraftKings took the top spot in June of 2023.

Will more gaming operators launch online platforms in New York?

Right now, established New York regulations allow for nine total sports betting platforms to operate. However, new legislation could be coming in that adds more licenses over the next few years while decreasing the state tax revenue percentage. More operators coming in would mean lower taxes for companies, and better promotions available for new and current bettors.

About the Author

Brian Spaen

Brian Spaen is the Managing Editor of NY Sports Day. He has been a writer and editor in various industries, including sports betting, higher education, and renewable energy. Brian enjoys playing video games and going to local craft breweries.

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