Sports Betting

New York State Tax Revenue From Mobile Betting Surpasses $2B

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New York State Tax Revenue From Mobile Betting Surpasses $2B

The New York State Gaming Commission reported $45.5 million in mobile sports betting revenue for the week ending May 26 on Friday, propelling the Empire State’s all-time tax revenue just above $2 billion.

New York has nine licensed sportsbooks, a tax rate of 51%

Mobile sports betting first launched in New York in January 2022. After more than two years, the state has become the highest-grossing market in the United States.

New York has also collected more taxes from sports betting than any other state because of its 51% tax rate.

The state’s nine licensed operators — Bally Bet, BetMGM, BetRivers, Caesars Sportsbook, DraftKings, Fanatics, FanDuel, Resorts World Bet, and WynnBET — finished the last week of May with a combined $23.2 million in positive revenue.

It was a solid week for the bookmakers, considering wagers via sports betting apps helped produce a 11.7% hold against $389.7 million in handle. Eight of the nine operators in New York had a win rate of at least 9%.

DraftKings set the state’s all-time record for weekly revenue

DraftKings led all other sportsbooks in revenue last month. The operator set the state’s all-time record for weekly revenue at $36.5 million for May 12. It went on to top $20 million for the eighth time in 125 weeks of action due to a 13.1% hold on $155.7 million in wagers. This also resulted in $20.5 million in winnings.

Next, FanDuel collected $15.8 million in revenue from $149.3 million in handle, and it had 10.6% win rate. Caesars held its own against FanDuel, maintaining a hold over 10% and paid out $3.3 million in winnings from $33.1 million in wagers. It was the first time since February 25 that Caesars achieved a double-digit hold.

Additionally, BetMGM placed fourth with $2.4 million in revenue, and Fanatics Sportsbook ($2 million) rounded out the top five. Fanatics Sportsbook also reached the $2 million mark for the first time since acquiring predecessor PointsBet, generating $10.1 million for the week ending March 3.

BetRivers reached seven figures in revenue in back-to-back weeks as well. It surpassed the benchmark by $62,200. It was the first time BetRivers had consecutive weeks of at least $1 million in winnings since December 2023. The sportsbook had a 12.3% win rate from $8.6 million worth of wagers.