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January 12, 2023
Technically, New York sports betting didn’t operate for the entire calendar year of 2022. Their official launch date was January 8th, meaning that there was one week where they were not up and running… but it didn’t matter.
The state was still making sports betting news by the end of their first month in business, and they never looked back after that. And by the time the end of the year finally hit, they had handles $15.8 billion in wagers. And that translated to over $1.3 billion in revenue.
Some may remember that New York sports betting has one of the
most ridiculous highest tax rates in the country, at 51%. Despite this rate being out of line with most other states, operators are willing to pay in order to play. And that exorbitant tax was able to generate $680 million in revenue for the state.
There are just nine regulated operators in New York, with FanDuel the clear market leader. They were followed by DraftKings and Caesars, respectively. And while it does not look like New York sports betting will concede it’s top spot to another market, it remains to be seen if the state can maintain such a furious pace.
Land based casino gambling in New York is set to expand in the near future. And there has also been discussion of legalizing online casino games, but so far those efforts have fallen short.