Despite establishing another new weekly low in handle, New York has surpassed the $300 million mark in tax revenue from online sports betting.
All told, online sportsbooks in New York combined for $218.9 million in handle for the week ending June 26, the lowest weekly NY total by nearly $30 million. The previous low was $248.2 million in handle June 6-12.
NY sports betting leads to $300 million in tax revenue
Nevertheless, through June 26, NY online sportsbooks combined for $8.4 billion in handle, $592.7 million in total gross gaming revenue, and $302.3 million in tax revenue at a 51% tax rate.
The enacted budget for the 2023 fiscal year has a $615 million tax revenue target from online sports betting, though that fiscal year goes from April 1-March 31. That projection being met depends on how New York performs during its first full NFL season since legalization, as the slower period of the sports betting calendar is taking shape as usual.
The latest weekly report includes the final games of the Stanley Cup Final. This week officially began the dog days of summer, not only for the sports calendar but also for the sports betting outlook.
Can NY online sportsbooks reach $1 billion again?
Meanwhile, NY sportsbooks have combined for $938 million in June, meaning they need $62 million over the final four days of the month to reach the $1 billion mark in handle for the sixth straight month since launch.
Given that even $218 million for the week equates to approximately $31.1 million in handle per day, that number seems highly reachable.
FanDuel posted a 46% market share and a 50% revenue share for the week ending June 26. By comparison, DraftKings had 24% market share and a 23% revenue share.
|Sportsbook||Handle||Gross Gaming Revenue|
|BetMGM Sportsbook NY||$19,558,938||$1,284,96|
|BetRivers Sportsbook NY||$5,285,712||$323,274|
|Caesars Sportsbook NY||$33,064,983||$2,249,101|
|DraftKings Sportsbook NY||$52,886,519||$3,671,515|
|FanDuel Sportsbook NY||$101,537,195||$7,845,801|
|PointsBet Sportsbook NY||$3,415,137||$414,115|
|WynnBet Sportsbook NY||$1,589,467||$44,548|