New York Reports $861 Million in 2023 Online Sports Betting Tax Revenue

Dec 31, 2023; East Rutherford, New Jersey, USA; New York Giants wide receiver Darius Slayton (86) celebrates with quarterback Tyrod Taylor (2) and wide receiver Wan’Dale Robinson (17) after his touchdown reception during the second half against the Los Angeles Rams at MetLife Stadium. Mandatory Credit: Vincent Carchietta-USA TODAY SportsNew York online sports betting resulted in more than $861 million in tax revenue for 2023More than $19 billion was bet online in the state for the yearMore than $1.69 billion was reported in gross gaming revenue for 2023

New York had quite the lucrative year for online sports betting.

With the final week of 2023 being reported, the New York State Gaming Commission revealed the state reported more than $1.69 billion in gross gaming revenue for the year, with bettors placing more than $19 billion in wagers over the last 12 months.

All told, this resulted in more than $861 million in online sports betting tax revenue for the state, an increase of more than $169 million over the 2022 tax revenues.

Massive Year for NY Online Sports Betting

The New York State Gaming Commission reported the following 2023 totals for online sports betting:

$19,103,521,573 in total sports betting handle$1,689,883,799 in total gross gaming revenue $861,840,738 in total online sports betting tax revenue

The New York State Gaming Commission reported $465,687,591 million in online sports betting handle for the week ending Dec. 31 and more than $36.6 million in gross gaming revenue.

FanDuel ending 2023 on top, totaling $196.8 million in online sports betting handle and more than $16 million in gross gaming revenue for the final week. DraftKings totaled $167.9 million in handle and $13.7 million in gross gaming revenue.

The New York State Gaming Commission releases handle and revenue reports for its nine NY sports betting apps, Caesars Sportsbook, DraftKings Sportsbook, FanDuel, BetMGM, WynnBET, PointsBet, Bally Bet, Resorts World Bet, and BetRivers, at the conclusion of each week.

Here are the handle breakdowns for the nine sportsbooks for the week ending Dec. 31:

FanDuel NY: $196,898,612DraftKings NY: $167,984,157Caesars Sportsbook NY: $47,865,392BetMGM NY: $27,466,220BetRivers: $11,704,170PointsBet: $6,805,054Resorts World: $2,926,904WynnBET: $2,274,751Bally Bet: $1,762,332

Fanatics Sportsbook will likely take over the PointsBet New York online sports betting license soon. The New York State Gaming Commission recently gave regulatory approval for the transfer of PointsBet’s online sports betting license to Fanatics Betting and Gaming, setting the stage for the first new sports betting operator in the Empire State since it launched online sports betting in Jan. 2022.

There is no timeline for the transfer of the license.

Bally Bet has resumed operations in New York after transitioning to its Kambi platform.

Here are the total handles for the nine sportsbooks since New York’s Jan. 8, 2022 launch. FanDuel is the only operator in the state to eclipse $14 billion in total handle so far. BetRivers crossed the $1 billion mark this week.

FanDuel: $14,316,011,830DraftKings: $11,314,417,878Caesars: $4,929,865,390BetMGM: $2,581,353,215BetRivers: $1,027,451,252PointsBet: $742,310,796WynnBET: $207,687,593Resorts World: $129,740,573Bally Bet: $27,245,972

NY Sports Betting Revenues

For the week of Dec. 31, the nine sportsbooks reported a total of $36,651,725 in gross gaming revenue. At New York’s 51% online sports betting tax rate, this resulted in $18,692,379  million in tax revenue.

WynnBET has lost revenue in its last three weeks, losing more than $316,000 since the week ending Dec. 17.

Here are the total gross gaming revenues for the week:

FanDuel: $16,669,207DraftKings: $13,713,751Caesars: $2,901,275BetMGM: $2,198,220BetRivers: $689,995PointsBet: $461,976Bally Bet: $133,262Resorts World: ($44,784)WynnBET: ($71,177)

Here are the total gross gaming revenues since the Jan. 8, 2022 launch:

FanDuel: $1,465,669,478DraftKings: $926,427,797Caesars: $359,693,465BetMGM: $173,077,489BetRivers: $58,892,162PointsBet: $46,487,528WynnBET: $10,292,437Resorts World: $7,511,142Bally Bet: $899,401