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.
