Online NY Sports Betting Handle Tops Another Record Of Its Own

Written By

Updated on

NY sports betting

The Empire State once again broke its own US record for monthly online NY sports betting handle. 

Through Jan. 29, online sportsbooks in the Empire State totaled $1.71 billion in New York sports betting handle. 

That breaks the previous mark of $1.67 billion set by New York in January 2022

NY sports betting tax issue

Sportsbooks continue to complain about the state’s 51% tax rate. They even suggested in a recent legislative hearing that they will be “forced” to provide worse odds

Yet all these records likely are not going to sway legislators to permit a reduction. 

The Empire State will have its fifth month collecting more than $70 million in online sports betting tax revenue in January. 

Could New York tax records be next?

It is currently at $71.5 million in tax revenue through Jan. 29. The record is $75.6 million (November 2022). 

Gov. Kathy Hochul’s executive budget for fiscal year 2024 projects New York at $896 million in tax revenue from online sports betting

That would equate to approximately $75 million per month. 

NY sports betting sets new bar

While New York will not reach $2 billion in online sports betting handle for January, it should come in around $1.8 billion, a new benchmark for the industry. 

The previous record of $1.67 billion was set from Jan. 8 launch through the end of the month. 

Granted, that was a time when sportsbooks were giving away massive promotions to acquire customers. 

NFL playoffs driving wagers

Playoff NFL betting continue to be the No. 1 driver of wagers. 

New York ($151.5 million) is projected to place second in Super Bowl handle behind Nevada ($176.2 million), according to PlayUSA forecasts.

New York did not release its Super Bowl handle last year. Not every US jurisdiction chooses to break out handle for the big game individually.