New York Sets Sports Betting Record with Over $4 Billion in Wagers

After legalization, New York has surpassed $4 billion in total bets, marking a major turning point in the state’s sports betting history. This achievement demonstrates the sports betting industry’s strength and potential for expansion in the state.

It was recently disclosed by the New York State Gaming Commission that wagers at the state’s sportsbooks have totaled over $4 billion. This accomplishment demonstrates how sports betting is becoming more and more profitable in New York.

Operators reported $134.2 million in revenue in June alone, and the state received $68.3 million in taxes from a 9.1% hold. This is a significant increase over the previous year—revenue increased by 29.1%, while handling increased by 26.2%.

Leading Operators in the Market

FanDuel emerged as the market leader, recording $67.1 million in revenue from $571.2 million in wagers. DraftKings followed closely with $40.9 million in revenue from $521.6 million in bets. Caesars secured the third position with $8.6 million in revenue from $127.7 million in wagers.

Other notable performers include BetMGM and Fanatics Sportsbook, with BetMGM edging out Fanatics for the fourth spot, earning $6.8 million in revenue. Fanatics achieved a 9.9% win rate, generating $6.7 million from $67.3 million in wagers. BetRivers, while accepting $68.8 million in bets, had the lowest hold at 3.7%, resulting in revenue just over $2.5 million.

In addition to producing large tax revenues, New York’s sports betting market brought in more than $1.55 billion in income this year. Thanks to the favorable 51% mobile operator tax rate, the state has already received $517.1 million in tax revenue.

With an ambitious revenue target of $860 million in anticipated revenue from online gambling for Fiscal Year 2025, Governor Kathy Hochul has set her sights high. The first quarter has already brought in $265.7 million for the state, highlighting the financial benefits of New York’s thriving sports betting industry.

The football season is quickly approaching, and with over $10 billion in wagers made in the first half of 2024, New York’s sports betting sector is expected to see steady growth and enthusiasm.