New York reports $861 million in tax revenue from online sports betting in 2023

New York Giants wide receiver Darius Slayton (86) celebrates with quarterback Tyrod Taylor (2) and wide receiver Wan'Dale Robinson (17)

Dec 31, 2023; East Rutherford, New Jersey, USA; New York Giants wide receiver Darius Slayton (86) celebrates with quarterback Tyrod Taylor (2) and wide receiver Wan’Dale Robinson (17) after his touchdown reception in the second half against the Los Angeles Rams at MetLife Stadium. Mandatory Credit: Vincent Carchietta-USA TODAY Sports

  • Online sports betting in New York generated more than $861 million in tax revenue in 2023
  • More than $19 billion was bet online in the state this year
  • Gross gaming revenue of more than $1.69 billion was reported for 2023

New York had quite a lucrative year for online sports betting.

Reporting on the final week of 2023, the New York State Gaming Commission announced that the state reported gross gaming revenue of over $1.69 billion for the year, with bettors placing bets totaling over $1.69 billion over the past 12 months made over $19 billion.

In total, this resulted in more than $861 million in online sports betting tax revenue for the state, an increase of more than $169 million over 2022 tax revenue.

Huge year for online sports betting in New York

The New York State Gaming Commission reported the following online sports betting totals for 2023:

  • Total $19,103,521,573 in sports betting
  • $1,689,883,799 total gross gaming revenue
  • Total tax revenue from online sports betting of $861,840,738

The New York State Gaming Commission reported $465,687,591 million in online sports betting and more than $36.6 million in gross gaming revenue for the week ended December 31.

FanDuel ended 2023 with $196.8 million in total online sports betting revenue and more than $16 million in gross gaming revenue last week. DraftKings had total revenue of $167.9 million and gross gaming revenue of $13.7 million.

The New York State Gaming Commission releases handle and revenue reports at the end of each week for its nine New York City sports betting apps Caesars Sportsbook, DraftKings Sportsbook, FanDuel, BetMGM, WynnBET, PointsBet, Bally Bet, Resorts World Bet and BetRivers.

Here are the handle breakdowns for the nine sportsbooks for the week ending December 31st:

  • FanDuel NY: $196,898,612
  • DraftKings NY: $167,984,157
  • Caesars Sportsbook NY: $47,865,392
  • BetMGM NY: $27,466,220
  • BetRivers: $11,704,170
  • PointsBet: $6,805,054
  • Resort World: $2,926,904
  • WynnBET: $2,274,751
  • Bally Bet: $1,762,332

Fanatics Sportsbook will likely soon acquire PointsBet New York’s online sports betting license. The New York State Gaming Commission recently granted regulatory approval to transfer PointsBet’s online sports betting license to Fanatics Betting and Gaming, marking the first new sportsbook in the Empire State since the launch of online sports betting in January 2022 placed.

There is no schedule for transferring the license.

Bally Bet has resumed operations in New York after switching to its Kambi platform.

Here are the totals from the nine sportsbooks since launching in New York on January 8, 2022. FanDuel is the only operator in the state to have eclipsed $14 billion in total revenue to date. BetRivers passed the $1 billion mark this week.

  • FanDuel: $14,316,011,830
  • DraftKings: $11,314,417,878
  • Caesars: $4,929,865,390
  • BetMGM: $2,581,353,215
  • BetRivers: $1,027,451,252
  • PointsBet: $742,310,796
  • WynnBET: $207,687,593
  • Resort World: $129,740,573
  • Bally Bet: $27,245,972

Sports betting revenue in New York

For the week of December 31, the nine sportsbooks reported total gross gaming revenue of $36,651,725. At New York’s online sports betting tax rate of 51%, this resulted in $18,692,379 million in tax revenue.

WynnBET has lost revenue over the past three weeks, losing more than $316,000 since the week ending December 17th.

Here are the total gross gaming revenue for the week:

  • FanDuel: $16,669,207
  • DraftKings: $13,713,751
  • Caesars: $2,901,275
  • BetMGM: $2,198,220
  • BetRivers: $689,995
  • PointsBet: $461,976
  • Bally Bet: $133,262
  • Resorts World: ($44,784)
  • WynnBET: ($71,177)

Here are the total gross gaming revenue since launch on January 8, 2022:

  • FanDuel: $1,465,669,478
  • DraftKings: $926,427,797
  • Caesars: $359,693,465
  • BetMGM: $173,077,489
  • BetRivers: $58,892,162
  • PointsBet: $46,487,528
  • WynnBET: $10,292,437
  • Resort World: $7,511,142
  • Bally Bet: $899,401

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Robert Linnehan

Gambling
Regulatory author and editor

Regulatory author and editor

Gambling

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