New York Sports Betting Tax Revenue Tops $1B in Latest Numbers

Tax revenue from New York online sports betting has officially topped $1 billion. Taxes collected from the state’s online sports betting market hit $1,068,795,916 after The New York State Gaming Commission reported May numbers.

The Empire State took in more than $77.5 million in taxes last month, bringing current totals where they are today.

New York launched online sports betting in January 2022 and hasn t looked back. The Gaming Commission releases reports weekly and says gross gaming dollars have never dropped below $149.7 million in any week.

The sports betting tax rate is 50.9% in New York.

Nevada and New Jersey are the other two states that have collected $1 billion in taxes from sports betting.

Illinois places second in the nation in sports betting taxes. It jumped over Pennsylvania in April. The Illinois Gaming Board reported $14.4 million in April. Sportsbooks are taxed at 17.7% there.

The total handle in Illinois was down slightly for the same month, but was still enough to hit second place with nearly $900 million in total bets.

Pennsylvania, Massachusetts, and New Jersey round out the top five in sports betting taxes.

The sports betting handle in Maryland dipped 3% to $320.1 million in May. That’s the second-lowest monthly total since online sports betting launched in November 2022. But May was the second-highest tax revenue month with $4.6 million, according to the Maryland Lottery and Gaming Control Commission

In West Virginia, the handle fell for the second consecutive month, but online sportsbooks, with a better win rate, helped sports betting operators generate $3.5 million. The Mountaineer State collected $294,361 in tax revenue, according to the West Virginia Lottery.

In Indiana, sports betting slumped in May, but tax revenue increased to $3.2 million, about a 14% increase over April. The Indiana Gaming Commission attributes the increase to a jump in hold percentage.