The mobile sports betting tax revenue of New York state has reached the $2 billion mark since the market’s launch in January 2022. This information comes from the latest figures released by the New York State Gaming Commission. The state reported $45.5 million in mobile revenue for the week. It ended on May 26. This has pushed the all-time tax revenue generated from these operators over the $2 billion threshold.
The state boasts a 51% tax rate and is the top market for sports betting in the United States. This is the highest in the nation. In the post-PASPA era, the new revenue milestone has also contributed to making New York the only state to have generated over $600 million in state taxes.
Mobile sports betting apps in New York saw a total handle of $389.7 million for the week ended on May 26. This results in $23.2 million in receipts. Despite the handle falling short of the $400 million mark for the first time since early February, operators achieved a robust 11.7% hold. With eight achieving a win rate of at least 9%, all nine brands reported positive revenue.
DraftKings set a new state record for weekly revenue at $36.5 million for the week end on May 12. They have had an extremely successful May. The company recorded $20.5 million in revenue from $155.7 million in wagers in the last week of May. They have achieved a 13.1% hold. In weekly revenue, this marked the third time in six weeks that DraftKings surpassed $20 million.
FanDuel is a fierce competitor to DraftKings. It has been reported that $15.8 million in revenue from $149.3 million in handle, with a 10.6% win rate. This marks its third successive week of double-digit hold rates.
In third place, Caesars followed. They have recorded $3.3 million in revenue from $33.1 million in wagers, with a 10% hold.
