New York has set another new record in its first year of legal sports betting.
The Empire State — the largest mobile sports betting market in the U.S. — reported $1.62 billion in accepted bets in December, bringing its total betting handle to $16.2 billion for 2022.
- New York launched legal mobile sports betting in January 2022.
- In its first month, the state reported an official total handle of $1.6 billion.
- The figure set the single-month record for any state.
- December 2022 marked the 10th month New York had exceeded a $1 billion handle.
The records have resulted in strong revenue for New York and its licensed sportsbooks, which include DraftKings, Flutter Entertainment’s FanDuel, BetMGM, Caesars, and others.
Sportsbooks in New York generated $1.4 billion in gross revenue in 2022, while the state reported $693 million in state tax revenue, to be allocated toward public education.
The record state tax revenue is the byproduct of New York’s high tax rate for licensed sportsbooks. Each sports betting operator is required to pay a 51% tax rate to the state for 10 years — the average tax rate in the U.S. is 19%, per Morgan Stanley.
New Competition
On Jan. 1, Ohio launched legal sports betting — joining 35 other states since the U.S. Supreme Court authorized state-regulated betting in 2018.
Last week, the Ohio Casino Control Commission announced that it intends to take action against BetMGM, Caesars, and DraftKings for violating Ohio law concerning advertising.
