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Posted on: June 14, 2023, 02:25h.
Last updated on: June 14, 2023, 02:25h.
Tax revenue from New York online sports betting officially tops $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 has not 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 percent in New York.
Nevada and New Jersey are the other two states that have collected $1 billion in taxes from sports betting.
Handles Slump, Tax Revenue Jumps
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 percent there.
The total handle in Illinois was down slightly for the same month but enough to hit second place with nearly $900 million in total bets.
Pennsylvania, Massachusetts and New Jersey round out the top 5 in sports betting taxes.
Similar Stories Across Many States
The sports betting handle in Maryland dipped 3 percent 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 Indian, sports betting slumped in May, but tax revenue increased to $3.2 million, about a 14 percent increase over April. The Indiana Gaming Commission attributes the increase to a jump in hold percentage.
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