New York’s online sports betting market has been a major success since going live In January 2022. New York Governor Kathy Hochul announced that $13 billion had been wagered on sports at New York sportsbooks. NY sports betting revenue has amounted to $542 million in taxes for the Empire State. The state also collected close to $200 million in licensing fees for $740 million in revenue.
New York Market Continues To Thrive
Following the recent revenue reports, New York Sportsbooks have continued to rake in revenue each week. New York has seen more than $30 million in revenue weekly in October, peaking at $42,973,728 in the week ending on October 10, 2022.
Gov. Hochul expressed excitement about the milestone achieved with its tax revenue. The $500 million lifetime tax revenue is now the highest in the U.S. This accomplishment is more impressive when accounting for NY online sportsbooks only being active for less than a year.
“By bringing sports wagering to New York, we have not only opened the door to responsible entertainment for millions of sports fans, but we have also brought in significant revenue to support schools, as well as youth sports, while implementing important safeguards to help those who need it,” said Kathy Hochul, New York Governor. “I’m proud of the work that has been done to secure our state’s top position in mobile sports wagering, and I am excited to continue the trend as we secure hundreds of millions of dollars to support programs that will improve the lives of New Yorkers.”
New York has the single highest single-month handle of all time with $73 million in September. The Big Apple taxes sportsbooks 51% of revenue and is the biggest market in the U.S. This has aided the market into having the most total revenue ever.
Monster NY Sports Betting Revenue Expected To Continue
With California failing to pass sports betting, New York doesn’t seem to have a challenger in the U.S. to dethrone it. New York took no time to jump to the top of the betting market. At the pace it is going, it won’t be long until the Empire State Surpasses New Jersey its total betting handle as well. From launch to July 2022, New Jersey’s total handle is $26.9 billion.
“New York continues to lead the nation in sports wagering thanks to Governor Hochul’s enacting of smart gaming policies that deliver real, transformative results for New Yorkers,” said Brian O’Dwyer, Chairman of the New York State Gaming Commission. “The revenue generated from sports wagering will provide critical support to our schools, youth sports and responsible gaming programs.”
New York’s newest milestone helps solidify it as the king of the sports betting market.