New York In Range of $1 Billion in Sports Betting Tax Revenue

The New York State Gaming Commission reported Monday that sports wagering provided $70.8 million in state taxes in April, putting the Empire State in a position to become soon the first to generate $1 billion in tax revenue in the post-PASPA era.

The 51% tax rate the state levies on mobile operators’ adjusted gross revenue is a key driver setting New York up for the milestone, which could be reached in the week ending May 14 if the typical weekly handle and revenue figures continue. The state has received close to $983.5 million in state taxes since accepting its first wagers in July 2019, with mobile betting — launched in January 2022 — accounting for nearly $979.3 million of that amount.

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In April, New York’s hefty amount was enough to lift the all-time national tax revenue total from sports betting in the post-PASPA era above $3 billion.

New York’s April handle reached $1.55 billion, the ninth time in 16 months with mobile wagering available that it crossed $1.5 billion. Revenue was shy of $139.3 million, creating a solid hold of close to 9%. While figures were down from March, the handle ticked 5.7% higher than April 2022. Revenue was 31.9% higher than a year ago, with this April’s win rate 1.5 percentage points higher than in 2022.

April’s figure also put New York in the solid hold of the No. 3 all-time spot for handle post-PASPA at nearly $23.3 billion, behind only New Jersey ($36.7 billion) and Nevada ($31.9 million). The Empire State will hit a second milestone during May, joining New Jersey as the only state to surpass $2 billion in all-time operator revenue. New York is currently less than $30 million from that threshold.

FanDuel has accounted for at least 48.9% of the mobile revenue each month of 2023, reaching 51.1% in April with nearly $71 million. Its 11.3% hold was its highest since a 12.1% mark in November, and FanDuel has a chance at reaching $1 billion in all-time revenue during May if it can claim $63.5 million.

The online titan has reaped close to $286 million in revenue through the first four months of the year, a whopping 65.2% improvement compared to last year. FanDuel’s year-to-date win rate in New York is 10.7%, more than 3.3 percentage points higher than in 2022.

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