New York has reinforced its position as the leader in U.S. online sports betting, becoming the first state to surpass $1 billion in annual tax revenue from the sector. The state’s total tax revenue amounted to $1.05 billion over the last year, according to figures released by the New York State Gaming Commission.
The milestone, achieved on wagers totaling $22.3 billion, underscores the rapid growth and maturity of New York’s online sports betting market, which launched in January 2022.
The $1.05 billion tax revenue marks a significant leap from previous years: $860.7 million in 2023 and $693.1 million in 2022. For the week ending December 29, New Yorkers wagered $519.8 million, generating $61.5 million in gross gaming revenue and $31.35 million in tax revenue at the state’s 51% tax rate.
Among the nine active operators in the state, FanDuel maintained its dominance with a weekly handle of $213.5 million and $30.2 million in gross gaming revenue. DraftKings followed with a handle of $165.6 million, while Fanatics Sportsbook placed third with $43.5 million.
Since the market’s inception, FanDuel has been the top performer, surpassing $23 billion in total handle and $2.43 billion in gross gaming revenue. DraftKings, the second-largest operator, has handled $19.39 billion in bets and generated $1.63 billion in revenue.
Other operators also contributed to the robust performance of the New York market. Caesars has reported $6.78 billion in total handle since 2022, while BetMGM recorded $4.17 billion.
The state’s high tax rate on online sports betting continues to deliver substantial public revenue, reinforcing New York’s leadership in the sector. The growth trajectory suggests the market will remain a critical revenue stream for the state while offering opportunities for operators to expand their presence.
Original article: https://www.yogonet.com/international/news/2025/01/13/91676-new-york-online-sports-betting-revenue-tops-1-billion-in-2024-sets-us-record
