How $1 Billion In Sports Betting Taxes Is Reshaping New York’s Future
New York has solidified its position as the leader in U.S. online sports betting, becoming the first state to surpass $1 billion in annual tax revenue from the sector. This milestone highlights the explosive growth and maturation of online sports wagering in the state.
Record-breaking betting activity in 2024
The New York State Gaming Commission reported that bettors placed $22.3 billion in wagers in 2024, generating $1.05 billion in tax revenue. This achievement sets a new national record, far surpassing the $860.7 million reported in 2023.
For the week ending December 29, New Yorkers wagered $519.8 million, resulting in $61.5 million in gross gaming revenue and $31.35 million in tax revenue at the state’s nation-leading 51% tax rate.
Who is the leading tax payer for sports betting in New York?
FanDuel emerged as the top operator in New York, with a weekly handle of $213.5 million and $30.2 million in gross gaming revenue for the week of December 29. It has maintained dominance since New York’s online sports betting market launched in January 2022, generating $23 billion in total wagers and $2.43 billion in revenue.
DraftKings, the second-leading operator, contributed significantly as well, handling $19.39 billion in bets since 2022. Other sportsbooks, including Caesars and BetMGM, also saw notable performances.
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What it means for New York
The state’s thriving online sports betting market reflects a crucial financial resource amid challenging times. The tax revenue collected from sports betting supports public services, at the city hall’s disposal, and highlights its broader significance beyond entertainment.
In fact, people used to take the ferry to New Jersey to bet just to do it legally. Now, not only do they do it in NYC, but the city benefits as the taxes go into public funds for City Hall.
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As 2025 begins, New York’s sports betting market shows no signs of slowing down. The first week of the new year has already set an all-time weekly handle record of $600 million, pointing to another year of groundbreaking achievements.
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