New York Online Sports Betting Revenue

Here are the latest New York online sports betting revenue amounts as we go through May 2022. How do we expect the online sports betting market to unfold over the first legal calendar year? We’ll look at all of that here with weekly updates on the latest NY sports betting revenue information.

It only took one month, but New York has the largest online sports betting market in the United States. Into the first full week of April, over $5 billion in online sportsbook wagers have been placed by New Yorkers. Activity has lowered a little as we move into the spring season, but sports betting holds steady at around $300 million in betting handle weekly.

Sportsbooks operating in the state have received more betting tickets and gathered more revenue than any other legal state since January 2022. 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.

Overall Mobile Sports Betting Revenue Totals For New York

Estimates through May 8
Total NY Betting Handle$6,604,924,035
Total NY Betting Revenue$462,226,874
Total State Tax Revenue$235,735,706

New York online sports betting activity picked up again early in the month of May. Totals are now back over $330 million. Nearly all sportsbooks saw an increase in activity. FanDuel Sportsbook was the highest platform again with over $145 million in total wagers allowed.

DraftKings Sportsbook saw the largest total increase with an additional $14 million in wagers week-over-week. Caesars has now hit over $50 million in two of the last three weeks. However, when grossing all sports betting platforms, FanDuel now has almost a $1 billion lead in total handle compared to DraftKings and Caesars ($2.52 billion for FD to $1.6 billion for DK and $1.5 billion for CZR).

Throughout the summer, we expect betting activity to not hold up to a high standard of over $300 million. Part of the early success has been due to its initial launch in a large market and more popular sports in the NFL playoffs and college basketball.

Major League Baseball typically sees less action across the board, though New York could be slightly higher than other locations. This is due to strong local interest in the New York Yankees and Mets. Betting will certainly pick up as the next football season starts up again.

Sportsbook revenue spiked up once again with the increase in betting activity. Over $37 million was raked in by all sportsbooks. Now, the state tax revenue is estimated at over $235.7 million since the online sports betting launch.

With large revenue outputs in three of the last four weeks, the $250 million estimate will be reached in the month of May. Factoring in a summer slowdown, we don’t expect a doubling of the governor’s estimate, but over $400 million in state tax revenue within the first year is certainly achievable.

New York 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.

2022 Online Sports Betting Handle

SportsbookJanuary 2022February 2022March 2022Cumulative Total
FanDuel$517,492,498$568,063,621$673,056,881$1,758,612,999
Caesars$627,401,761$323,399,954$273,387,278$1,224,188,992
DraftKings$377,952,846$387,598,857$414,526,720$1,180,078,424
BetMGM$82,204,532$154,697,988$172,650,978$409,553,498
PointsBet$31,202,281$51,574,752$48,374,658$131,151,691
BetRivers$33,465,116$37,111,558$41,572,479$112,149,153
WynnBET$0$5,121,523$9,752,359$14,873,882
Resorts WorldBET$0$0$4,945,480$4,945,480
Totals$1,669,719,034$1,527,568,253$1,638,266,833$4,835,554,120

March saw a rebound in online betting activity throughout New York. There was around a 7.2 percent jump month-over-month with close to $1.64 billion in wagers. FanDuel Sportsbook is the clear leader in market share after a dominant month of March. When adding up the entire first quarter, FanDuel has had over $1.75 billion wagered on its platform.

DraftKings Sportsbook is beginning to catch up as more New Yorkers are active on its platform. For the first time, over $400 million in bets were taken in a single month. After a slow start in comparison to Caesars Sportsbook, we expect DraftKings to take over second place in the cumulative market share by the time summer rolls around.

The top three sportsbooks remain the overwhelming favorites by New York residents as their online sports betting app choices. Together, they represent over 86 percent of the state’s market share. BetMGM is the only other sportsbook that is trending significantly in a higher direction and could realistically surpass $1 billion in total sports betting handle this year in the Empire State.

 

2022 Online Sports Betting Revenue

SportsbookJanuary 2022February 2022March 2022Cumulative Total
FanDuel$28,089,392$23,167,344$58,322,575$109,579,311
Caesars$58,985,112$19,788,294$21,582,476$100,355,882
DraftKings$29,582,503$29,952,557$22,894,581$82,429,641
BetMGM$3,847,998$3,521,783$5,070,284$12,440,065
PointsBet$2,561,623$3,088,198$2,993,617$8,643,438
BetRivers$1,072,328$2,068,169$1,712,976$4,853,473
WynnBET$0$805,759$1,187,409$1,993,168
Resorts WorldBET$0$0$518,138$518,138
Operator Revenue$60,828,088$40,372,131$55,998,207$157,198,426
State Tax Revenue$63,310,867$42,019,973$58,283,849$163,614,689
Total Revenue$124,138,955$82,392,104$114,282,056$320,813,115

Gov. Kathy Hochul set an expectation for sports betting to bring in nearly $250 million in state tax for all of 2022. Going into the first full week of April, that tax revenue is hitting the $170 million mark. We’ll be interested to see how popular playoff season is for the NBA and NHL, and we anticipate a lot of betting for major events in golf and tennis. The New York Mets and New York Yankees should also be big draws to the sportsbook.

It’s safe to say that overall revenue should at least go over the $400 million threshold before football season begins. The state should have no problem hitting their estimate of $250 million in tax revenue with the incredibly high rates they place on operators. However, there have been limits on promotions, so we’ll see if betting activity holds steady in New York.

For the first time in weeks, FanDuel was not at the top of the charts for weekly revenue. They’ve had their lowest revenue total by week since reporting a large negative figure on Super Bowl week. DraftKings and Caesars finished higher than FanDuel with over $5.3 million and over $4.2 million in revenue, respectively.

New York Online Sports Betting Revenue FAQs

What is mobile 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 mobile 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 New York 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 has roughly a 37% market share that continues to increase on a weekly basis. No other sports betting app sees steady activity like FanDuel, where the handle has fluctuated between $130 and $150 million since late March. They have never seen a weekly betting handle below nine digits since opening weekend.

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 an editor and contributor for NY Sports Day. He has been a content writer and editor in various industries, including sports betting, environmental technology, and higher education. Brian is a graduate of Iowa State University and currently resides in Des Moines, Iowa. He’s an NFL and MLB fan.

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