- New York has officially topped $1 billion in online sports betting for 2024
- With a few days left unreported in 2024, New York has reported more than $1.05 billion in sports betting tax revenue
- New York online sports bettors wagered more than $22.3 billion in 2024
New York has smashed sports betting records for 2024.
With still a few days left unreported in 2024, the New York State Gaming Commission has reported that the state has taken in more than $1.05 billion in sports betting tax revenue for the year.
New York online sports betting customers also wagered more than $22.3 billion in online sports in 2024.
New York Sets Massive 2024 Sports Betting Totals
The New York State Gaming Commission reported $1,052,040,994 in total online sports betting tax revenue through Dec. 29, 2024, the first state in the history of U.S. sports betting to ever crack $1 billion in total sports betting tax revenues for a calendar year. Additionally, New York online sports betting customers have wagered $22,350,483,062 on sports through Dec. 29, 2024.
The state’s online sports betting market continues to mature, as 2024 saw record totals. New York generated $860.7 million in sports betting tax revenues for 2023 and $693.1 million in sports betting tax revenues for 2022.
The state ended 2024 on a high note as well, as the New York State Gaming Commission reported $519,802,405 in online sports betting handle for the week ending Dec. 29, 2024. It also reported $61,480,387 in gross gaming revenue, the fourth highest weekly gross gaming revenue total for the year.
The New York State Gaming Commission releases handle and revenue reports for its nine live NY sports betting apps, Caesars Sportsbook, DraftKings Sportsbook, FanDuel, BetMGM, Fanatics Sportsbook, Bally Bet, Resorts World Bet, ESPN BET, and BetRivers, at the conclusion of each week.
Here are the handle breakdowns for the nine sportsbooks for the week ending Dec. 29:
- FanDuel NY: $213,543,032
- DraftKings NY: $165,624,044
- Fanatics Sportsbook: $43,466,192
- BetMGM NY: $37,475,145
- Caesars Sportsbook: $36,486,424
- BetRivers: $10,064,049
- ESPN BET: $8,858,016
- Bally Bet: $2,340,540
- Resorts World: $1,944,964
Here are the total handles for the nine sportsbooks since New York’s Jan. 8, 2022 launch. FanDuel is the only operator in the state to eclipse $22 billion in total handle so far.
- FanDuel: $23,375,423,120
- DraftKings: $19,394,460,013
- Caesars: $6,776,612,459
- BetMGM: $4,167,979,012
- BetRivers: $1,631,925,292
- Fanatics Sportsbook: $1,953,222,657
- Resorts World: $217,380,283
- Bally Bet: $138,072,872
- ESPN BET: $129,713,963
NY Sports Betting Revenue
For the week of Dec. 29, the nine sportsbooks reported a total of $61,480,387 in gross gaming revenue. At New York’s 51% online sports betting tax rate, this resulted in $31,354,997 million in tax revenue.
Here are the total gross gaming revenues for the week:
- FanDuel: $30,200,781
- DraftKings: $18,119,542
- Fanatics Sportsbook: $4,494,972
- BetMGM: $3,420,181
- Caesars Sportsbook: $3,169,042
- BetRivers: $955,032
- ESPN BET: $746,233
- Resorts World: $214,287
- Bally Bet: $160,319
Here are the total gross gaming revenues since the Jan. 8, 2022 launch:
- FanDuel: $2,432,898,911
- DraftKings: $1,634,678,411
- Caesars Sportsbook: $491,022,945
- BetMGM: $275,222,728
- Fanatics Sportsbook: $137,833,640
- BetRivers: $99,267,805
- Resorts World: $14,392,654
- Bally Bet: $8,165,227
- ESPN BET: $8,004,764
In a groundbreaking development for the state of New York, online sports betting has proven to be a lucrative source of revenue, generating over $1 billion in tax revenue for the year 2024. This significant milestone marks a major success for the state’s efforts to capitalize on the growing popularity of online sports betting and harness its economic potential.
The legalization of online sports betting in New York has opened up a new avenue for revenue generation, with millions of residents now able to place bets on their favorite sports teams and events from the comfort of their own homes. This shift towards online betting has not only provided a convenient and accessible platform for sports enthusiasts, but has also proven to be a boon for the state’s coffers.
The $1 billion in tax revenue generated from online sports betting in 2024 represents a substantial windfall for New York, providing much-needed funds for essential services and infrastructure projects. This revenue stream has helped to alleviate financial pressures on the state budget and has allowed for increased investment in key areas such as education, healthcare, and public safety.
Furthermore, the success of online sports betting in New York has also had a positive impact on the state’s economy as a whole. The influx of revenue from online betting has created jobs, stimulated local businesses, and boosted tourism, contributing to overall economic growth and prosperity.
As online sports betting continues to gain momentum in New York and across the country, it is clear that this industry has the potential to be a major driver of economic growth and revenue generation. With the right regulations and oversight in place, online sports betting can be a win-win for both states and consumers, providing a safe and enjoyable way to engage with sports while also benefiting the economy.
