New York helps US sports betting top $10B revenue, $1.5B taxes post-PASPA

New York helps US sports betting top $10B revenue, $1.5B taxes post-PASPA

Article brief provided by Legal Sports Report
  • Matthew Waters, Legal Sports Report
July 19, 2022 11:09 PM
  • Matthew Waters, Legal Sports Report

Reported US sports betting revenue and taxes since June 2018 both hit new milestones, heavily assisted by New York’s mobile launch in January.

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It took 49 months for sports betting revenue to hit $10.004 billion, with reports from Michigan (here) and Pennsylvania (here) pushing the US across the milestone Tuesday.

The tally includes all publicly reported sports betting numbers from the first full month after the end of PASPA in May 2018.

The more than $10 billion in sports betting revenue comes from $141.032 billion in reported handle. That is good for a 7.1% hold. Those revenues led to $1.511 billion paid out in taxes to regulated betting jurisdictions around the country. That suggests an effective total tax rate of 15.1%.