Latest News

Front Office Sports: New York’s sports betting tax revenue hits record high

New York has generated $302.3 million in mobile sports betting tax revenue since its launch in January — surpassing expectations and beating every other state in total revenue. 

The Empire State benefits from being the largest mobile sports betting market in the U.S., with more than 2.9 million unique player accounts created since its legalization in January. 

New York is no stranger to breaking records in sports betting. In its first month of legal mobile wagering, the state reported an official total handle of $1.62 billion behind six mobile sportsbooks — the single-month record for any state. 

New York projected it would collect $249 million in sports-betting tax revenue in FY2022.

The state expects to generate $357 million in FY2023.

Pennsylvania ranks second with $265.6 million collected since November 2018.

New Jersey sits third with $237 million in tax revenue since June 2018. 

New York’s tax revenue from mobile sports betting is being allocated toward education aid, youth athletics, and programs that promote responsible gambling. 

High Tax Rate

New York has posted record results as gambling operators cautiously watch spending on marketing and promotional offers in order to combat ongoing financial losses. 

Operators, including DraftKings and Flutter Entertainment’s FanDuel, have requested state legislators to change laws regarding sports-betting tax rates — which sit at 51% for 10 years.

In comparison, the average sports-betting tax rate in the U.S. is 19%, per Morgan Stanley.

Read the original article on FrontOfficeSports.com.

Ever wonder what your favorite players have been up to since retiring from the game? Watch the latest episode of Second Acts, a new series from Front Office Sports, here.

What's your reaction?

Excited
0
Happy
0
In Love
0
Not Sure
0
Silly
0

You may also like

More in:Latest News

Leave a reply

Your email address will not be published. Required fields are marked *