Online NY Sports Betting Handle Tops Another Record Of Its Own

NY sports betting

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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 sites

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.