New York Sets Record for Highest Weekly Sports Betting Tax Revenue

New York Sets Record-Breaking Week in Sports Betting Revenue

May 12, 2024 – The state of New York has achieved its highest weekly sports betting tax revenue total since its launch, raking in over $36 million for the week ending May 14. This record-breaking achievement comes as customers placed bets exceeding $532 million during the same period.

New York’s sports betting success continues to climb, with an unprecedented $70,935,647 in gross gaming revenue reported by the New York State Gaming Commission. This outstanding figure resulted in the state collecting $36,177,179 in sports betting tax revenue, surpassing its previous record by nearly $2 million.

The nine sportsbooks operating in New York, including DraftKings, FanDuel, and Caesars Sportsbook, collectively contributed to this remarkable performance. DraftKings NY led the pack with a handle of $231,480,985, followed closely by FanDuel NY with $199,051,939.

Additionally, the recent market access deal secured by ESPN BET is set to bring new opportunities to the sports betting landscape in New York. The state’s total handle for sportsbooks has seen significant growth since its launch in January 2022, with FanDuel leading the way by surpassing $17 billion in total handle so far.

As the sports betting industry in New York continues to thrive, the future looks promising for both operators and enthusiasts alike. With ongoing success in revenue generation, it is evident that sports betting has firmly established itself as a significant player in the state’s entertainment and economic landscape.