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.