According to the New York State Gaming Commission‘s latest report, the New York sports betting market is on the rise again.
The commission’s January figures released Friday show that Empire State totaled $1.79 billion in sports betting handle. With that, New York broke its record for monthly sports betting handle. The previous monthly best was $1.67 billion in January last year.
5th month collecting over $70M in New York sports betting tax revenue
According to the NY regulators, the 31-day period in January was the busiest when it comes to placing online sports bets. Apart from the record-breaking sports betting handle of $1,788,991,455, Empire State set new monthly highs in revenue and taxes.
Total online sports betting Gross Gaming Revenue (GGR)in January 2023 was a whopping $149,427,397. That’s also the state’s new gaming revenue record topping its previous best of $148.2 million set in November 2022.
Although NY sportsbooks continue to complain about the state’s high tax rate, it remains at 51%. At that rate, the state managed to gather $76.2 million in January.
It was the fifth month in a row that the state of New York collected over $70 million in online sports betting tax revenue. The previous tax revenue record was hit in November 2022 with $75.6 million.
NY sportsbooks contribute more than $700M in tax revenue so far
The New York online sports betting market launched just over a year ago on Jan. 8, 2022. Four operators were accepting bets at the time, and five other online sportsbooks joined later.
So far, nine NY sportsbooks have collected more than $700 million in tax revenue for the state. In 2022 alone, the state collected more than $693 million in taxes, while NY operators generated $1.4 billion in gross gaming revenue.
What’s more, the state also added $200 million to its budget, which it gathered from licensing fees.
According to the regulator’s report, $6 million of the taxes collected will be distributed for problem gambling education and treatment purposes. Likewise, $5 million will go to youth sports activities. The money will also contribute to an education grant program for providing annual awards to sports programs for underserved youth.