- The New York State Gaming Commission reported more than $480 million in handle for the week ending Sept. 22
- The state took in more than $43.5 million in gross gaming revenue
- New Yorkers now have another new operator to use in the state
New York continues its lucrative sports betting entry into the 2024 football season, though state users did recover with a decently successful week.
The New York State Gaming Commission reported more than $480 million in online sports betting handle for the week ending Sept. 22. The commission reported gross gaming revenues of $43.5 million, nearly a $26 million decrease from the previous week.
This was the final week of only eight live operators in the state, as ESPN BET fully launched in New York this morning.
Profits Decrease This Week
The New York State Gaming Commission reported $480,070,418 in online sports betting handle for the week ending Sept. 22. This led to $43,547,282 in gross gaming revenues, a $25,650,949 decrease in revenue from the prior week.
DraftKings again topped FanDuel in total handle for the week, reporting $181,648,143 in online sports betting handle compared with FanDuel’s $175,548,247. FanDuel, however, topped DraftKings in revenue again for the week, reporting $19,255,037 in gross gaming revenue compared with DraftKings’ $17,402,769 total.
The New York State Gaming Commission releases handle and revenue reports for its eight live NY sports betting apps, Caesars Sportsbook, DraftKings Sportsbook, FanDuel, BetMGM, Fanatics Sportsbook, Bally Bet, Resorts World Bet, and BetRivers, at the conclusion of each week.
This is the final week that New Yorkers will only have eight operators at this disposal. ESPN BET fully launched today as the state’s ninth live sports betting operator.
Here are the handle breakdowns for the nine sportsbooks for the week ending Sept. 15:
- DraftKings NY: $181,648,143
- FanDuel NY: $175,548,247
- Fanatics Sportsbook: $36,986,264
- BetMGM NY: $37,151,535
- Caesars Sportsbook NY: $35,638,164
- BetRivers: $9,254,205
- Bally Bet: $2,423,178
- Resorts World: $1,420,682
- WynnBET: $0
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 $20 billion in total handle so far.
- FanDuel: $20,460,321,598
- DraftKings: $16,935,048,034
- Caesars: $6,277,205,043
- BetMGM: $3,635,744,642
- BetRivers: $1,485,363,477
- Fanatics Sportsbook: $1,404,942,554
- WynnBET: $234,058,992
- Resorts World: $196,890,472
- Bally Bet: $101,420,028
NY Sports Betting Revenues
For the week of Sept. 22, the nine sportsbooks reported a total of $43,547,282 in gross gaming revenue. At New York’s 51% online sports betting tax rate, this resulted in $22,209,113 million in tax revenue.
Here are the total gross gaming revenues for the week:
- FanDuel: $19,255,037
- DraftKings: $17,402,769
- Caesars: $2,956,703
- BetMGM: $1,423,382
- Fanatics Sportsbook: $1,360,487
- BetRivers: $891,884
- Bally Bet: $163,224
- Resorts World: $93,796
- WynnBET: $0
Here are the total gross gaming revenues since the Jan. 8, 2022 launch:
- FanDuel: $2,151,902,468
- DraftKings: $1,434,234,873
- Caesars: $453,409,619
- BetMGM: $238,731,292
- Fanatics Sportsbook: $99,712,684
- BetRivers: $87,815,765
- Resorts World: $12,837,775
- WynnBET: $11,376,541
- Bally Bet: $5,847,828
In a recent report released by the New York State Gaming Commission, it was revealed that the state has generated over $22 million in tax revenue from sports betting since it was legalized in 2019. This significant amount of revenue has been a welcome boost to the state’s coffers and has helped to fund various public services and initiatives.
The legalization of sports betting in New York has proven to be a lucrative decision for the state government. The tax revenue generated from sports betting has exceeded expectations, with millions of dollars pouring into state coffers each month. This revenue comes from a combination of taxes on sports betting operators and licensing fees paid by those looking to enter the market.
The success of sports betting in New York can be attributed to several factors. Firstly, the state’s large population and vibrant sports culture have created a strong demand for sports betting services. Additionally, the legalization of online sports betting has made it easier for residents to place bets on their favorite teams and events, further driving up revenue.
The tax revenue generated from sports betting has been used to fund a variety of public services and initiatives in New York. This includes funding for education, healthcare, infrastructure projects, and more. The additional revenue has helped to alleviate some of the financial strain on the state budget and has allowed for increased investment in key areas.
Overall, the legalization of sports betting in New York has been a resounding success. The significant tax revenue generated from sports betting has provided a much-needed boost to the state’s finances and has allowed for increased investment in public services. As the popularity of sports betting continues to grow, it is likely that New York will continue to see substantial tax revenue from this industry in the years to come.
