As New York prepared for the launch of legal online sports betting in early 2022, experts believed the industry would quickly become the biggest in the nation. Little did they know just how quickly that would happen.
So far, NY sports betting has posted eight billion-dollar months through October. More are on the way. And more are coming in 2023. But overall, don’t expect the same output next year.
Each month is expected to fall just short of 2022 totals, resulting in NY sports betting generating an estimated $13.9 billion in handle in 2023.
Based on an average hold of 7.5%, sportsbooks would stand to gain some $1.04 billion in gross gaming revenue, leading to over $530 million in state tax revenue.
