New York Sports Betting Tax Revenue Tops $1B in Latest Numbers - Newstbt.com

The New York State Gaming Commission recently reported that tax revenue from New York’s online sports betting market had exceeded $1 billion, taking the total to $1,068,795,916 in the month of May.

Since New York legalized online sports betting in January 2022, the Empire State has seen a surge in revenue from betting taxes. Last month brought in more than $77.5 million, and the revenue continues to rise. According to the Gaming Commission, gross gaming dollars haven’t dropped below $149.7 million in any week since the launch of sports betting. New York has the highest sports betting tax rate at 50.9%. Nevada and New Jersey are the only two states to have collected over $1 billion in taxes from sports betting. Although handles have decreased lately, taxes revenue from sports betting continues to be a source of success for the Empire State.

Handles Slump, Tax Revenue Jumps

In April, Illinois rose to a rank of second in the nation for sports betting taxes. According to the Illinois Gaming Board, the amount of taxes was $14.4 million. This was achieved despite only slightly lower handle for the month. Taking into consideration the 17.7% tax, the total amount of sports betting across the state was close to $900 million. Behind Illinois, the remaining states in the top five are Pennsylvania, Massachusetts, and New Jersey. This scarcely differs from other states in the nation that are experiencing similar success.

Similar Stories Across Many States

In May, the sports betting handle in Maryland decreased by 3%, amounting to $320.1 million, which is the lowest monthly total since the launch of online sports betting in November 2022. Despite this, tax revenue saw a second-highest monthly record at $4.6 million, according to the Maryland Lottery and Gaming Control Commission. On the other hand, West Virginia experienced a decline in the handle for the second consecutive month; yet, due to a greater win ratio, sports betting operators still managed to generate $3.5 million. The Mountaineer State collected $294,361 in tax revenue from the West Virginia Lottery. Lastly, sports betting in Indiana stumbled in May, however, the Indiana Gaming Commission reported that tax revenue still grew to $3.2 million, constituting a 14% increase compared to April’s figures. This was seen to be due to a surge in hold percentage.