New York sports betting has been on a notable rise according to January figures revealed by the New York State Gaming Commission. The total betting handle in the Empire State rose to $1.79 billion, breaking its record of $1.67 billion, which was set back in January 2022.
As sports fans have, once again, turned their attention to online betting sites and mobile apps as a way of bringing more than just action to the game day atmosphere, this accolade highlights that New York’s sports bettors are not shy when it comes to placing bets and trying their luck at winning big.
Record-breaking Sports Betting Handle
January 2023 was a momentous month for the New York online sports betting market. Reflecting consumer appetite, the total amount of sports bets placed hit an all-time high with regulators reporting $1,788,991,455 in wagers handled.
Even more astonishing was the state’s record-breaking Gross Gaming Revenue (GGR) of $149,427,397 generated that same period — outstripping its previous GGR of $148.2 million set in November 2022. This remarkable growth demonstrates the thriving popularity and success of legal mobile and retail sports betting within the Empire State.
5th Month In A Row To Collect Over $70 Million In Tax Revenue
New York’s relatively high sports betting tax rate of 51% has been a hot topic among sportsbooks, who have complained about this rate. Despite the complaints, New York appears to be reaping the rewards – in January 2021, the state managed to rinse $76.2 million from online sports betting revenue.
That was the fifth consecutive month that New York scored over $70 million in revenue from online sports betting, breaking the previous record set on November 2022 by generating $75.6 million. New York’s high tax rate is proving successful in creating a lucrative source of income for the state, showing that such policies can often be beneficial.
A Tremendous $700 Million In Taxes!
The New York online sports betting market has experienced exponential growth since launching just over a year ago on Jan. 8, 2022. Initially, four operators were accepting wagers; however, five other online sportsbooks were soon added to the mix. These nine NY sportsbooks have collected more than $700 million in taxes for the state since their launch and generated an impressive $1.4 billion in gross gaming revenue in 2022 alone!
On top of this, NY operators supplied the state with an additional $200 million due to licensing fees. This tax revenue isn’t going towards recreational activities for not: a report states that $6 million will go towards gambling education and treatment purposes, another $5 million is being redirected towards youth sports activities, and the funds will even contribute to an education grant program too. NY’s online sports betting industry is booming and making major strides as time passes by!
