New York Took in Nearly $16 Million in Sports Betting Taxes Last Week

Sep 11, 2023; East Rutherford, New Jersey, USA; New York Jets wide receiver Xavier Gipson (82) scores a touchdown in overtime on a punt return against the Buffalo Bills at MetLife Stadium. Mandatory Credit: Robert Deutsch-USA TODAY SportsThe New York State Gaming Commission saw its sports betting tax revenue increase last weekMore than $393.5 million was bet on sports online for the week ending Oct. 8The state reported more than $30.9 million in gross gaming revenue for the week

New York online sports betting rolls on during the football season as the Empire State took in nearly $16 million in tax revenue for the week ending Oct. 8.

The New York State Gaming Commission reported $393,533,576 in online sports betting handle for the week, a decrease of more than $75 million from the week before, but saw an increase in gross gaming revenue.

The state has recorded nearly $30 million in sports betting tax revenue during the first two weeks of October.

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Numbers Still Strong in the Fall

The week ending Oct. 8 saw a near decrease of $75 million in online sports betting handle. The week ending Oct. 1 saw the highest amount bet in the state during 2023 so far, with a total of $468,803,716 bet online.

Despite the decrease in online sports betting handle for the week, gross gaming revenue increased by more than $4 million for the week.

FanDuel also reclaimed the top handle spot in New York, topping DraftKings by more than $20 million for the week. DraftKings did report more gross gaming revenue than FanDuel, however.

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. 8:

FanDuel NY: $160,627,538DraftKings NY: $140,058,063Caesars Sportsbook NY: $40,903,887BetMGM NY: $23,621,732BetRivers: $17,498,546PointsBet: $6,155,161WynnBET: $2,733,987Resorts World: $1,934,663Bally Bet: $0

Fanatics Betting and Gaming will likely take over the PointsBet New York online sports betting license soon. Last week the New York State Gaming Commission 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 $11 billion in total handle so far.

FanDuel: $11,873,889,086DraftKings: $9,356,015,206Caesars: $4,381,001,841BetMGM: $2,256,044,142BetRivers: $807,683,968PointsBet: $666,497,059WynnBET: $178,196,013Resorts World: $107,114,152Bally Bet: $16,370,924

NY Sports Betting Revenues

For the week of Oct. 13, the nine sportsbooks reported a total of $26,845,819 in gross gaming revenue. At New York’s 51% online sports betting tax rate, this resulted in $13,691,367 million in tax revenue.

Here are the total gross gaming revenues for the week:

DraftKings: $12,639,646FanDuel: $12,077,943Caesars:$2,584,993BetMGM: $1,488,464BetRivers: $1,320,360Resorts World: $327,496PointsBet: $304,759WynnBET:$176,552Bally Bet: $0

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

FanDuel: $1,233,306,311DraftKings: $754,040,183Caesars: $320,911,574BetMGM: $150,853,426BetRivers: $47,608,393PointsBet: $40,319,744WynnBET: $10,472,775Resorts World: $5,991,015Bally Bet: $917,669