New York State to Reach $1 Billion in Tax Revenue from Sports Betting
New York State is poised to reach $1 billion in sports gaming tax revenue this month, just 16 months after the launch of mobile sports betting across the state.
According to figures from the New York State Gaming Commission, tax revenues from legal sports betting will top $1 billion in May, likely within a week if current betting trends continue. To date, New York has hauled in over $980 million in revenues, thanks largely in part to the highest in the nation 51% tax on sports betting.
In April, the state averaged around $21 million in tax revenue a week.
The Empire State has set all sorts of milestones in terms of sports betting, including this past September when monthly handles reached the $1 billion mark and in December when the year closed, with New York setting a U.S. record with more than $93 billion wagered throughout 2022.