With a mere eight months in the market, New York sportsbooks have exceeded $10 million in online sports betting handle.
During the final week of August, NY sportsbooks took $194 million in wagers, placing the Big Apple over $10 billion for the year.
In total, sportsbooks in New York have seen $766 million in gross profit from online sports betting, which has converted to a record $390 million in tax revenue.
An Entire NFL Season for Bettors
New York’s sports betting handle continuously surpassed the $1 billion mark in the first six months since the state’s January launch.
July and August saw a drop in sports betting handle and consecutive months where the sports betting handle fell below $1 billion.
However, with the new 2022 NFL season beginning on September 8, NY bettors will undoubtedly boost the handle and revenue, as it’ll be their first entire season with online wagering.
“I love the position we’re in, but that’s not to say we’re not going to tinker with or at least discuss additional operators, tax rate, whatever it may be, even promotional items,” state Senator Joe Addabbo commented. “I think the low-hanging fruit is how we treat promotional items, but this is an excellent discussion for an already great product.
“I don’t have to say it because others have said it: NY has solidified its place as the capital of online sports betting in the nation, which is great. But it’s a question of sustainability.”
The Future in New York
The 2023 legislative session will undoubtedly present some intriguing discussions, particularly the 51% tax rate. Operators are losing money, but they also knew the rate before deciding to take the market access.
New York is additionally making heaps of tax revenue, so any adjustments would need to guarantee the numbers remain similar or go higher. The potential for expansion of operators will be brought to the table.
Addabbo and Assemblymember Gary Pretlow are also expected to add new markets, like player award future bets (MVP, Heisman, etc.). Addabbo also mentioned separating a bill that didn’t pass last year into two for stadium kiosks and fixed-odds horse racing.
Lastly, New York’s ban on college sports betting should additionally become a topic of discussion. Wagers that NY blocks will only cause bettors to find their betting opportunities elsewhere.