With its most current May sports betting totals reported, New York online sports betting has officially topped $1 billion in tax revenue since the state’s online sports betting launch in January 2022.
The New York State Gaming Commission reported the Empire State took in more than $77.5 million in online sports betting taxes this past May, officially tipping the state over $1 billion in online sports betting tax revenue.
Since its Jan. 8, 2022, online sports betting launch, New York has seen a total of $1,068,795,916 in online sports betting tax revenues that benefits education in the state.
New York Tops Sports Betting Market
New York has dominated the U.S. sports betting market since its January 2022 launch and has posted some insane totals during its 17-month run.
The New York State Gaming Commission releases handle and revenue reports for Caesars Sportsbook NY, DraftKings Sportsbook NY, FanDuel NY, BetMGM, WynnBET NY, PointsBet NY, Bally Bet NY, Resorts World Bet, and BetRivers NY at the conclusion of each week.
It’s highest weekly total of online sports betting handle was $572.5 million for the week of Jan. 23, 2022, just its second full week of operation. This resulted in $43.2 million in gross gaming revenue and $22.03 million in sports betting taxes for the week, which wasn’t even the highest weekly total recorded by the New York State Gaming Commission.
That honor? It came about a year later for the week ending Jan. 22, 2023, when the state reported a whopping $57.46 million in gross gaming revenue during the height of the NFL playoffs. This resulted in $29.3 million in online sports betting taxes in just one week, easily the highest weekly tax total ever collected by a state.
New York online sports betting handle has never dipped below $149.7 million for a single week since its launch.
It’s lowest weekly gross gaming revenue total? $6.2 million for the week ending May 12, 2022.
What’s Next for New York Sports Betting?
Next up for the state is the likely addition of a new online sports betting operator.
Fanatics recently acquired PointsBet’s U.S. assets for $150 million, which will likely allow the merchandise and apparel company to enter the New York online sports betting market by the start of the upcoming football season.
However, New York State Gaming Commission Chairman Brian O’Dwyer recently said there will be no simple transfer of PointsBet’s New York online sports betting license to Fanatics. Fanatics will have to become the new outright owner of the license, which O’Dwyer said requires complete staff review and commission approval before becoming final.
O’Dwyer said Fanatics has a stated goal of taking control of PointsBet’s New York online sports betting license by the upcoming NFL season.
“Published reports indicate they have a goal of the start of the upcoming NFL season for Fanatics to assume control of the PointsBet entity, with PointsBet anticipating a shareholder vote on the deal in late June,” O’Dwyer said.
Because Fanatics is new to the market and new to sports betting, O’Dwyer recommended consideration of the transaction at the commissioner level when the ownership transfer is complete.
The commission staff has started working with Fanatics representatives to provide licensing documents and pre-ownership requirements prior to license consideration. A background investigation of the company is also necessary.
