New York Online Sports Betting Ending 2023 in Strong Fashion

Nov 19, 2023; Landover, Maryland, USA; New York Giants quarterback Tommy DeVito (15) celebrates after throwing a touchdown pass against the Washington Commanders during the second quarter at FedExField. Mandatory Credit: Geoff Burke-USA TODAY SportsNew York online sports betting continues to be extremely profitable for the stateThe gaming commission reported $502.2 million in online sports betting handle for the week ending Dec. 17.The state took in $21.3 million for the week

New York has taken in more than $765.8 million in online sports betting tax revenue in 2023 with two weeks remaining in the year.

The New York State Gaming Commission reported $502.2 million in online sports betting handle for the week ending Dec. 17, a $92 million increase from the week before. Gross gaming revenue, however, decreased by nearly $15 million from the previous week.

The state took in more than $21.3 million in sports betting tax revenue for the week as well.

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A Profitable Year for the State

With two weeks remaining to be reported in 2023, New York has taken in $765,807,676 in sports betting tax revenue, by far the most tax revenue of any state in the country. The state reported more than $1.5 billion in total gross gaming revenue so far in the year.

DraftKings took the top handle spot from FanDuel for the week, totaling $218.08 million in online sports betting handle and $18.1 million in gross gaming revenue. FanDuel totaled $183.3 million in handle, but topped DraftKings in gross gaming revenue for the week with $19.9 million

The New York State Gaming Commission releases handle and revenue reports for its nine NY sports betting apps, Caesars Sportsbook, DraftKings Sportsbook, FanDuel, BetMGM, WynnBET, PointsBet, Bally Bet, Resorts World Bet, and BetRivers, at the conclusion of each week.

Here are the handle breakdowns for the nine sportsbooks for the week ending Dec. 17:

DraftKings NY: $218,089,247FanDuel NY: $183,382,886Caesars Sportsbook NY: $43,610,090BetMGM NY: $35,634,310BetRivers: $9,394,717PointsBet: $6,198,087Resorts World: $2,518,394WynnBET: $2,048,048Bally Bet: $1,326,685

Fanatics Sportsbook will likely take over the PointsBet New York online sports betting license soon. The New York State Gaming Commission recently gave regulatory approval for the transfer of PointsBet’s online sports betting license to Fanatics Betting and Gaming, setting the stage for the first new sports betting operator in the Empire State since it launched online sports betting in Jan. 2022.

There is no timeline for the transfer of the license.

Bally Bet has resumed operations in New York after transitioning to its Kambi platform.

Here are the total handles for the nine sportsbooks since New York’s Jan. 8, 2022 launch. FanDuel is the only operator in the state to eclipse $13 billion in total handle so far. BetRivers crossed the $1 billion mark this week.

FanDuel: $13,944,445,960DraftKings: $10,997,400,401Caesars: $4,839,054,863BetMGM: $2,526,999,690BetRivers: $1,004,786,792PointsBet: $729,261,591WynnBET: $203,523,689Resorts World: $124,616,221Bally Bet: $24,285,184

NY Sports Betting Revenues

For the week of Dec. 17, the nine sportsbooks reported a total of $41,812,119 in gross gaming revenue. At New York’s 51% online sports betting tax rate, this resulted in $21,324,180  million in tax revenue. Bally Bet lost more than $691,000 in gross gaming revenue for the week, more than 50% of its total GGR since launching in July 2022.

Here are the total gross gaming revenues for the week:

FanDuel: $19,906,575DraftKings: $18,122,787Caesars: $3,633,705PointsBet: $777,169BetRivers: $335,746Resorts World: $95,659BetMGM: ($162,998)WynnBET: ($204,996)Bally Bet: ($691,529)

Here are the total gross gaming revenues since the Jan. 8, 2022 launch:

FanDuel: $1,426,991,986DraftKings: $901,154,344Caesars: $352,403,937BetMGM: $167,902,565BetRivers: $57,389,915PointsBet: $45,550,222WynnBET: $10,403,922Resorts World: $7,349,209Bally Bet: $633,210