New York Sports Betting Breaks Tax Record, Again
Jamie Squire/Getty Images. Pictured: New York Yankees Oswaldo Cabrera and Aaron Judge
New York sports betting is back to steamrolling records with its first full season of football underway.
Online sports betting generated $73 million in taxes to New York in September, according to the New York Gaming Commission. That’s the most generated by any U.S. state ever, by $15 million.
New York also held the previous record, which came in its first month of online betting back in January.
New Yorkers bet $1.26 billion online during September, a 30% jump from August. It’s their sixth-highest month in nine months of action, but with sportsbooks dialing down free play promotions as of late, it may be the most organically bet yet.
Highest Sports Betting Tax Months of All Time:
•$73 million, NY (Sept '22)
•$63 million, NY (Jan '22)
•$58 million, NY (Mar '22)
•$53 million, NY (May '22)
States NOT named New York:
•$14 million, NJ (Nov '21)
•$13 million, PA (Nov '20)
•$12 million, IL (Nov '21)
— Sam McQuillan (@sam_mcquill) October 7, 2022
January still holds the record for New York’s, and any other sate’s, most bet month of all time. But since then companies like Caesars have gone from giving away $3,000 to new customers to $1,250 in site credit back if you lose a bet.
New York’s led all other states in handle every month since it went online, but it’s never had a full football season, traditionally the most lucrative time of the year for sportsbooks.
September was the state’s first month over $1 billion in handle since June.
FanDuel and DraftKings were responsible for nearly 75% of all bets.
FanDuel led all operators in revenue as it’s done since launch, with $500 million worth of bets, followed by DraftKings with $422 million and Caesars with $163 million.
New York has generated nearly $12 billion in handle and $400 million in taxes in just nine months of online sports betting – already nearly double its initial projections for one year.
With a full football season, it could surpass $1 billion in taxes in just its first year of online sports betting.