First year of regulated online sports betting delivers nearly $700M in tax revenue for New York

First year of regulated online sports betting delivers nearly $700M in tax revenue for New York

Article brief provided by PlayNY
  • Grant Lucas, PlayNY
January 8, 2023 10:12 AM
  • Grant Lucas, PlayNY

New York opened 2022 with $1.6 billion in handle. Fittingly, the state closed with it as well.

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With $1.62 billion in accepted bets, the 10th month exceeding $1 billion, NY sports betting ended its first year of legal action with $16.2 billion in handle.

That easily sets the biggest single-year total since the US Supreme Court authorized state-regulated sports betting in 2018. For perspective, as of this writing, no other state has topped $11 billion.

Perhaps most noteworthy, though, is how much the state benefited from the sports betting industry. With sportsbooks generated $1.4 billion in gross gaming NY sports betting revenue, New York pocketed over $693 million in state tax revenue to go toward public education.