This month will be historic for online sports betting in New York.
With $70.8 million in state tax revenue from NY sports betting, the state now sits at $978.4 million since launching in January 2022.
Initial projections from state officials estimated that New York would reach $500 million in annual tax revenue by fiscal year 2024. The state totaled over $690 million during the 2022 calendar year. And through the first four months this year, the state is ahead of pace at more than $285 million, almost $70 million more than this time last year.
According to data from the New York State Gaming Commission, bettors in the state combined for $1.5 billion in April handle. As a result, NY sports betting has generated over $22 billion in lifetime handle. Gross gaming revenue, meanwhile, increased to $1.9 billion after sportsbooks pocketed $138.8 million last month.
NY sports betting nearing landmark totals
For weeks, we have watched the online sports betting industry in New York creep toward the $25 billion mark for total accepted bets since launching.
With April’s numbers, the state sits a little over $2.2 million away from passing that mark. Likely, then, we could expect New York to break through $25 billion by June.
On top of that, sportsbooks in New York remain $81.6 million from exceeding $2 billion in lifetime gross gaming NY sports betting revenue. If weekly totals are any indication, the industry could hit that mark later this month.
The biggest total, however, is state tax revenue. At $978.4 million, we are just $21.6 million away from hitting $1 billion lifetime. Which should occur in mid-May.
Breaking down NY sports betting by operator
Of note, Resorts WorldBet posted its best month yet with $7.9 million last month. Meanwhile, BetMGM New York reported its bets month since April 2022, and Bally Bet NY totaled its second-best month since going live last summer.
|Sportsbook||Handle||Gross Gaming Revenue||State Tax Revenue|