NY Sports Betting Taxes Off To Slow Start In April

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NY sports betting

Mobile NY sports betting operators are off to a slow start in terms of revenue and taxes through the first 10 days of April.

The eight online New York sportsbooks held just 2.1% of the $516.3 million bet through April 10. That is good for $11 million in sports betting revenue and $5.6 million in tax revenue.

Should that pace continue all month, the roughly $17 million in tax revenue would be by far the lowest yet for the budding NY market. Through the first two-plus months, New York generated $163.6 million in taxes with February’s monthly total of $42 million the lowest.

FanDuel paying most NY sports betting taxes in April

New York has FanDuel Sportsbook to thank for most of the tax dollars tallied so far this month:

Resorts World Bet$1,168,103$7,6670.7%$3,910.17

That is a whopping 84.6% revenue share for FanDuel through the first 10 days.

At least operators are back in the black this week. The first three days of April, which also marked the end of March Madness betting, led to a combined loss of $1.9 million. Just DraftKings and Caesars are still in the red now.

Did baseball bring a betting bump?

Handle rose 7.6% in the week ending April 10 from the week ending April 3, and that was with no more March Madness games.

Resorts World Bet$938,209$62,9736.7%$32,116.23

That suggests opening weekend of the Major League Baseball season brought bettors out in earnest. That is likely from a combination of pent-up demand from a delayed Opening Day plus the first chance to bet legally on the Mets and Yankees on mobile in their home state.

Caesars certainly hopes the start of baseball season brings bettors out after partnering with the Mets. The operator had a 14.7% market share in the week ending April 10. That is more than 10 percentage points off second-place DraftKings but fewer than 4 percentage points ahead of BetMGM.

Nets run would benefit NY sports betting too

The Brooklyn Nets will help shape the results for April and May depending on how the team’s playoff run goes.

The Nets dropped a heartbreaker in the opening game of the first round to the Boston Celtics, 115-114, Sunday.

Close losses like that are a double whammy for sportsbooks since the underdog Nets covered the spread but are also one game closer to elimination.