New York online sports betting exceeded $1 billion in handle for the sixth straight month.
According to data released by the New York State Gaming Commission on Friday, online sportsbooks in New York combined for nearly $1.1 billion in June bets. That resulted in $72.4 million in gross gaming revenue and $36.9 million in state tax revenue.
Since going live in January, NY sports betting has totaled $8.5 billion in handle. Only New Jersey ($24.8 billion) tops the list, followed by Nevada ($14.5 billion), Pennsylvania ($13.3 billion) and Illinois ($11.7 billion).
NY sports betting takes expected dip in June
It was expected that New York sports betting revenue and handle would trend downward as the summer months arrived.
Such was the case in June, which stands as the lowest monthly handle since the industry launched. Last month certainly benefited from the conclusion of both the NBA and NHL seasons, with the Golden State Warriors putting away the Boston Celtics in the NBA Finals on June 16 and the Colorado Avalanche winning the Stanley Cup over the Tampa Bay Lightning 10 days later.
The New York Rangers also likely provided a boost earlier in the month by advancing to the Eastern Conference finals.
Now, MLB remains as the only major professional sports league in action. And there’s little doubt that the downward trend will continue.
Even so, New York has shown its prowess as a national leader in legal sports betting. In fact, despite New York having retail betting since 2019, online wagering now accounts for 95.5% of the total volume.
“Thanks to Governor Hochul’s leadership, New York State has established itself as the leader in sports wagering in only six months,” Robert Williams, executive director of the NYSGC, said in a release from the office of Gov. Kathy Hochul.
“The numbers and timeline clearly indicate that New York’s model successfully harnessed the excitement of sports wagering and continues to maximize its potential.”
Breaking down June 2022 NY sports betting revenue
It has already been established that FanDuel Sportsbook NY appears to be the state’s preferred provider.
In June, FanDuel accounted for nearly 45% of the handle and over 54% of gross gaming revenue. FanDuel and DraftKings Sportsbook NY combined for more than 70% of the handle last month, with Caesars New York chipping in another 14.9%.
|Online Sportsbook||Handle||Gross Gaming Revenue||Tax|
New York setting records, specifically with tax revenue
Hochul praised the industry, specifically as it relates to generating hundreds of millions of dollars for education aid, youth sports and responsible gaming in the state. In six months, online sports betting in New York resulted in $310 million in tax revenue to support those programs.
“In just six months, New York has become a leader among states in implementing successful gaming policies, with hundreds of millions of dollars going to important programs that will improve the lives of all New Yorkers,” Hochul said in a statement.
“The recent launch of New York’s final sports wagering operator will provide key revenue for education, youth sports programs, and problem gambling support. I look forward to continuing to enact responsible gaming policies that provide exciting entertainment for New Yorkers of legal age — all with important safeguards in place to help those who need it.”
Indeed, tax revenue from New York online sports betting has surpassed all expectations. As noted, in just six months, New York generated $310 million in state tax revenue. That total reigns supreme among jurisdictions with legal sports betting. The next two states are New Jersey ($235.6 million since August 2018) and Pennsylvania ($216.8 million since May 2019).