After One Year, Almost $700 Million In NY Sports Betting Revenue

Written By Giovanni Shorter on January 11, 2023
New York Online Sports Betting

The New York online sports betting market is now one year old. In the time since it has been live, NY has dominated the U.S. sports betting industry by betting handle and tax revenue. Let’s take a look at just how much action the Empire State saw in its first year.

Online sportsbooks in New York raked in approximately $16.2 billion in total betting handle.

New York’s Year One Betting Dominance

The New York Gaming Commission began releasing the N.Y. sports betting revenue report weekly due to how successful the market became. On average, sportsbooks were seeing over $300 million bet every week.

The success led to all-time milestones being met in a small period of time. By far the Big Apple saw the most wagers in 2022 and with its 51% tax rate, NY sports betting revenue shattered the numbers for tax collected as well.

Mobile sportsbooks in New York saw approximately $1.36 billion in gross gaming revenue (GGR). Of that, the state took in $693 million in state taxes. This is the most in taxes any market saw from betting.

The next two markets in New Jersey and Pennsylvania saw less than $300 million in tax revenue from local sportsbooks. That is how big the gap in betting revenue is between New York and everyone else.

More Impressive New York Betting Figures

N.Y. had 10 months that saw more than $1 billion wagered on sports. Its first active year shattered the single-year total for sports betting since PASPA’s repeal in 2018. In fact, N.Y. is so far ahead of other markets that no other state has seen $11 billion in bets for a single year.

The $693 million in tax revenue surpasses the initial projections prior to the market going live. Experts believed N.Y. would see $500 million in annual taxes by 2024. The Empire State managed to outperform all expectations prior to launch.

During Super Bowl weekend 2022, New Yorkers bet $472.1 million online. This was the most action placed on a single event in any market.

“That was by far the most we’ve ever had in one day and it’s not even close,” said Jason Robins, DraftKings Chief Executive Officer at the time to investors. “I can tell you it was up, extraordinarily higher year-over-year versus last Super Bowl.”

New York’s first year of online and mobile sports betting proved to be a dominating presence. With $410,817,431 already wagered in the first week of 2022, the market is poised to continue its dominance.

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Giovanni Shorter

Giovanni Shorter is a sports enthusiast and writer with a passion for the legal and industry side of the sports betting market. Giovanni got his education from Florida State University where he honed his writing style writing narratives and short stories. He has spent his professional career covering sports and entertainment through articles and blogs and continues to look at the industry from multiple angles.

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