After one full year of operation, New York sits alone atop the sports betting mountain. With $16.2 billion in handle, New York sports betting easily set the record for the biggest single-year total since the fall of PASPA.
As a result, the Empire State collected over $693 million in state taxes while sportsbooks generated $1.4 billion in gross gaming revenue, according to data from the state gaming commission.
New York sports betting ends 2022 on a high note
Before launching online sports betting in New York, analysts estimated the state would top $500 million in annual tax revenue by fiscal year 2024. Of course, the $693 million collected, also a record, is aided by the state’s 51% tax rate, one of the highest in the US.
By comparison, the second and third-highest-generating states did not generate half as much tax revenue as New York. Both New Jersey and Pennsylvania hover closer to $290 million.
New York sports betting by the numbers for 2022:
- $16.2 billion in total sports betting handle
- $1.36 billion in total gross gaming revenue (GGR)
- $639 million in tax revenue
Legal online sports betting in New York launched on Jan. 8, 2022, and quickly became the top market leader.
Speaking with Legal Sports Report, Sen. Joe Addabbo said the records are impressive considering how many operators are in the state. “It has been a remarkable, record-setting first year for online sports betting in New York with only nine operators.
I’m grateful to have joined others in the state in putting for a product that New Yorkers deserved, and appreciate the benefits to our economy, in addition to educational and additional program funding.”
NY sports betting boasts several other records
Other US records held by New York include:
- Single largest monthly handle ($1.67 billion in January)
- Total GGR in a single month ($148.2 million in November)
- Most tax revenue in a single month ($72.6 million in November)
As for individual market leaders, FanDuel remains the top sportsbook in the state.
In terms of revenue share:
- FanDuel Sportsbook – $650.5 million (48%)
- DraftKings Sportsbook – $354.6 million (26%)
- Caesars Sportsbook – $214.6 million (16%)
- BetMGM Sportsbook – $81 million (6%)
The remaining sportsbooks in New York combined for a 4% revenue share.
- Resorts WorldBet
- Bally Bet