In just six months New York online sports betting has reported a record amount of tax revenue.
Since its Jan. 8 launch, New York Gov. Kathy Hochul announced the Empire State has taken in more than $302 million in online sports betting tax revenue.
“In just six months, New York has become a leader among states in implementing successful gaming policies, with hundreds of millions of dollars going to important programs that will improve the lives of all New Yorkers,” Gov. Hochul said in a release.
Record sports betting tax revenue
New York has generated more sports betting tax revenue in half a year than any other legalized sports betting state since the 2018 repeal of the Professional and Amateur Sports Protection Act.
Through May 2022, New Jersey has generated $237.1 million in sports betting tax revenue since June 2018. Pennsylvania has collected more than $265.6 million in sports wagering tax revenue since November 2018.
New York’s original projections estimated $249 million (including $200 million in already-collected license fees) for fiscal year 2022.
More than $10 million in taxes last week
The New York State Gaming Commission released handle and revenue reports for Caesars Sportsbook NY, DraftKings Sportsbook NY, FanDuel NY, BetMGM, WynnBET NY, PointsBet NY, and BetRivers NY for the week ending July 3.
The New York State Gaming Commission reported $20,231,709 in gross gaming revenue for the week. At the state’s 51% tax rate, New York took in more than $10.3 million in taxes for the week.
The state reported $212,796,534 in online sports betting handle for the week.
The eight operators recorded the following handle totals for the week:
- FanDuel: $93,273,267
- DraftKings: $55,941,060
- Caesars: $31,266,883
- BetMGM: $18,575,471
- BetRivers: $5,818,167
- PointsBet: $5,213,615
- WynnBET: $1,600,411
- Resorts World: $1,107,660
The eight operators recorded the follow gross gaming revenue totals for the week:
- FanDuel: $10,563,382
- DraftKings: $4,413,865
- BetMGM: $2,424,671
- Caesars: $1,822,443
- BetRivers: $407,200
- PointsBet: $382,478
- WynnBET: $179,348
- Resorts World: $38,323
Bally Bet finally launches in New York
Bally Bet, the ninth online sports betting operator in the state, launched late last week. For the first time New York will have all nine of its operators taking bets.
“The recent launch of New York’s final sports wagering operator will provide key revenue for education, youth sports programs, and problem gambling support. I look forward to continuing to enact responsible gaming policies that provide exciting entertainment for New Yorkers of legal age – all with important safeguards in place to help those who need it,” Hochul said in a release.
Bally Bet’s path to launch was an interesting one, as each of the other New York online sportsbooks launched within the first month of the state’s operation.
Bally’s Chairman Soo Kim originally reported in January that the app would launch in New York this past April.
In an interview with with Contessa Brewer on CNBC, Kim said Bally’s was comfortable with an April launch, even though it meant the company would miss out on the lucrative Super Bowl and March Madness tournament.
April came and went with no Bally Bet sportsbook in New York. Nothing was mentioned about a potential launch until Bally’s Q1 earnings call in May, when Bally’s CEO Lee Fenton announced the company intended to launch Bally Bet in New York by the end of Q2.
