New York Online Sports Betting Nets $20.5 Million in Tax Revenue For Week

Oct 17, 2023; Boston, Massachusetts, USA; New York Knicks guard Donte DiVincenzo (0) dribbles while Boston Celtics guard Jaylen Brown (7) defends during the second half at TD Garden. Mandatory Credit: Bob DeChiara-USA TODAY SportsThe New York State Gaming Commission reported more than $464 million in online sports betting handle for the weekThe commission also reported $40.2 million in gross gaming revenueThis led to $20.5 million in sports betting revenue 

New York online sports betting didn’t quite reach the record heights it did last week, but it still had a very profitable week for the Empire State.

The New York State Gaming Commission reported $464.02 million in online sports betting revenue for the week ending Oct. 22, a $62 million increase from the prior week. It was New York’s second highest handle performance in 2023.

However, the gross gaming revenues decreased by nearly $22 million from the record setting performance of last week.

New York Nets $20 Million in Sports Betting Taxes

New York reported $40,220,612 in gross gaming revenue for the week ending Oct. 22. It was a $22 million decrease from the previous week, which was the highest gross gaming revenue total since New York’s sports betting launch in Jan. 2022.

New York took in more than $20.5 million in online sports betting tax revenue for the week.

The state reported $464,020,544 in online sports betting handle for the week. FanDuel reported $198.7 million in sports betting handle, tops in the state, edging out DraftKing’s reported $146.09 million total.

The New York State Gaming Commission releases handle and revenue reports for Caesars Sportsbook, DraftKings Sportsbook, FanDuel, BetMGM, WynnBET, PointsBet, Bally Bet, Resorts World Bet, and BetRivers at the conclusion of each week.

Here are the handle breakdowns for the nine sportsbooks for the week ending Oct. 22:

FanDuel NY: $198,714,913DraftKings NY: $146,098,018BetRivers: $42,178,179Caesars Sportsbook NY: $41,920,548BetMGM NY: $23,984,740PointsBet: $6,370,730WynnBET: $3,042,626Resorts World: $1,710,790Bally Bet: $0

Fanatics Sportsbook will likely take over the PointsBet New York online sports betting license soon. The New York State Gaming Commission recently gave regulatory approval for the transfer of PointsBet’s online sports betting license to Fanatics Betting and Gaming, setting the stage for the first new sports betting operator in the Empire State since it launched online sports betting in Jan. 2022.

There is no timeline for the transfer of the license.

Bally Bet ceased operations on June 22 while it transitions to Kambi’s sports betting platform. It has launched again in several states, but is still waiting to begin operations in New York.

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 $12 billion in total handle so far.

FanDuel: $12,232,544,579DraftKings: $9,648,062,532Caesars: $4,465,396,470BetMGM: $2,302,338,901BetRivers: $872,567,497PointsBet: $678,367,913WynnBET: $183,647,962Resorts World: $110,255,509Bally Bet: $16,370,924

NY Sports Betting Revenues

For the week of Oct. 12, the nine sportsbooks reported a total of $40,220,612 in gross gaming revenue. At New York’s 51% online sports betting tax rate, this resulted in $20,512,512 million in tax revenue, its highest weekly total ever.

BetRivers last more than $1.6 million in the week, by far the most of any operator in the state.

Here are the total gross gaming revenues for the week:

FanDuel: $20,512,376DraftKings: $15,176,014Caesars: $3,944,972BetMGM: $1,699,687PointsBet:$469,909Resorts World: $173,228Bally Bet: $0WynnBET: ($115,097)BetRivers: ($1,640,477)

Here are the total gross gaming revenues since the Jan. 8, 2022 launch:

FanDuel: $1,283,370,282DraftKings: $792,250,176Caesars: $329,780,493BetMGM: $155,670,562BetRivers: $46,351,752PointsBet: $41,397,991WynnBET: $10,500,106Resorts World: $6,445,304Bally Bet: $917,669