First Year Of Online NY Sports Betting Leads To Nearly $700 Million In Tax Revenue

Written By Grant Lucas on January 6, 2023 - Last Updated on January 9, 2023
New York Sports Betting Online NY Sportsbooks December Revenue

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

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.

Before online sports betting in New York launched, optimistic estimates projected the Empire State to generate $500 million in annual tax revenue — by fiscal year 2024.

That $693 million in tax revenue also stands as an all-time record, obviously aided by the state’s high 51% tax rate. No other state has even come close, as the current second and third are New Jersey and Pennsylvania — both nearing $290 million.


Photo by AP / Seth Wenig
Grant Lucas Avatar
Written by
Grant Lucas

Grant Lucas is the managing editor for PlayNY. A longtime, award-winning sports writer, Grant has covered gambling and legal sports betting since 2018, when he got his start reporting on the New Jersey and Pennsylvania industries. He now oversees PlayNY as New York expands legalized gambling to sports betting and online casino gaming.

View all posts by Grant Lucas
Privacy Policy