More than five months have passed since New York state introduced mobile sports betting, and the numbers tell the tale. New York bettors have risked $7.69 billion in bets, leading to gross gaming revenue (GGR) of $541 million among the eight operators in the state. The industry yielded $276 million in new tax revenue for the state, 98 percent of which goes toward education, according to N.Y. Online Gambling.
“In less than half a year, New York has become a leader among states implementing successful gaming policies, with hundreds of millions of dollars going to important programs that will improve the lives of all New Yorkers,” Gov. Kathy Hochul said in a recent press release. “I am committed to upholding responsible and effective gaming policies that will move the industry forward and continue to drive our state’s economic growth.”
New York has already surpassed Pennsylvania and New Jersey, as well as the four commercial casinos upstate, in tax revenue. However, activity has slowed down lately with no major sporting events in place.
For the week ending June 5, New York bettors generated $270 million in handle, with the operators earning $10.8 million, according to figures posted by the New York State Gaming Commission. That’s the lowest GGR since launching in January.
However, what the eight mobile sportsbook operators generated during the slow month of May is still significant. Bettors wagered $1.26 billion in May, producing $109.8 million in revenue and $56 million in taxes. The handle ranked the smallest since the January 8 launch, yet the third best month in tax generation, according to Legal Sports Report.
FanDuel led all operators again, with a handle of $552.6 million, or 43.7 percent of the total online handle. DraftKings placed second with $3.12 million.
Unless Pennsylvania sportsbooks had a near-record tax month in May, New York will be the new leader in terms of taxes from U.S. sports betting since the end of PASPA in May 2018.
