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The New York State Gaming Commission reported Monday that sports wagering provided $70.8 million in state taxes in the month of April, putting the Empire State in position to soon become the first to generate $1 billion in tax revenue in the post-PASPA era.
The 51% tax rate the state levies on mobile operators’ adjusted gross revenue is a key driver setting New York up for the milestone, which could be reached in the week ending May 14 if typical weekly handle and revenue figures continue. The state has received close to $983.5 million in state taxes since accepting its first wagers in July 2019, with mobile betting — which launched in January 2022 — accounting for close to $979.3 million of that amount.
New York’s hefty amount in April was enough to lift the all-time national tax revenue total from sports betting in the post-PASPA era above $3 billion.
New York’s April handle reached $1.55 billion, the ninth time in 16 months with mobile wagering available that it crossed $1.5 billion. Revenue was just shy of $139.3 million, creating a solid hold close to 9%. While figures were down from March, handle ticked 5.7% higher than April 2022. Revenue was 31.9% higher than a year ago, with this April’s win rate 1.5 percentage points higher than 2022.
April’s figure also put New York in solid hold of the No. 3 all-time spot for handle post-PASPA at nearly $23.3 billion, behind only New Jersey ($36.7 billion) and Nevada ($31.9 million). The Empire State will hit a second milestone during May, joining New Jersey as the only states to surpass $2 billion in all-time operator revenue. New York is currently less than $30 million from that threshold.
FanDuel cleans up, smaller operators slump
April #SportsBetting numbers 🧵for #NewYork via @NYSGamingComm. April/YTD/All-time Retail Han/Rev/WR/Taxes by mobile operator (1/9)@FDSportsbook
$626.29M/$70.98M/11.33%/~$36.2M
$2.68B/$285.99M/10.66%/$145.86M
$9.21B/$936.54M/10.17%/$477.35M6/x #GamblingTwitter
— Chris Altruda (@AlTruda73) May 8, 2023
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FanDuel has accounted for at least 48.9% of the mobile revenue in each month of 2023, and it reached 51.1% in April with nearly $71 million. Its 11.3% hold was its highest since a 12.1% mark in November, and FanDuel has a chance at reaching $1 billion in all-time revenue during May if it can claim $63.5 million.
The online titan has reaped close to $286 million in revenue through the first four months of the year, a whopping 65.2% improvement compared to the same period last year. FanDuel’s year-to-date win rate in New York is 10.7%, more than 3.3 percentage points higher than 2022.
DraftKings also enjoyed a bumper April, reporting $44.9 million in revenue from $516.4 million in accepted wagers for an 8.7% hold. It accounted for 32.4% of mobile revenue, its second-highest percentage in New York and trailing only the 36.4% attained in February 2022.
The three books that did not reach $10 million handle — WynnBET, Resorts World, and Bally Bet — all had sub-5% holds. That impacted Resorts World the most, as it generated only $71,358 from its own record handle of $7.9 million for a meager 0.9% hold. Bally Bet was not much better at 1.3%, keeping $28,731 of its $2.3 million in accepted wagers.
BetRivers also got knocked around by the betting public, finishing with a 1.6% win rate to claim less than $804,000 from $49.1 million wagered. It was the first time BetRivers failed to reach $1 million in monthly revenue, plunging 77.6% from its record haul of $3.5 million in March.
Caesars Sportsbook ($185.3 million) and BetMGM ($126.7 million) were the other operators with nine-figure handles, with Caesars the third and final book claiming an eight-figure revenue total with $12.8 million. BetMGM’s revenue inched over $7.1 million, but it was still 26% off March’s record winnings of $9.6 million as the 5.6% win rate was 2.3 percentage points lower. PointsBet shook off a 28.5% downturn in handle as its revenue ticked 5.2% higher to $1.7 million; its 8.3% win rate was 2.7 percentage points better than March.
Tioga Downs loses for third straight month
April #SportsBetting numbers 🧵for #NewYork via @NYSGamingComm. April/YTD Retail Han/Rev/WR by venue (1/2)@tiogadowns
$380.2K/-$7973/-2.10%
$2.18M/-$89.5K/-4.10%@delLagoResort
$1.56M/$184.2K/11.83%
$9.37M/$703.1K/7.51%4/x #GamblingTwitter
— Chris Altruda (@AlTruda73) May 8, 2023
After starting the year brightly, the Tioga Downs retail sportsbook has suffered losses for three straight months. It also received the dubious distinction of being the first commercial brick-and-mortar book in state history to have three consecutive losing months.
April was a small loss for the Fan Duel-powered sportsbook compared to February and March, at least, as the public came out less than $8,000 ahead from more than $380,000 wagered. Tioga Downs is close to $89,500 down through the first four months of the year.
Overall, it was the fifth consecutive month at least one of New York’s four retail sportsbooks finished with a monthly loss. Total handle through the first four months of the year is close to $30 million, but the $1.8 million in revenue is still nearly a four-fold increase from the same period in 2022.
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