You are currently viewing New York Generates Over 37% of Total US Sports Betting Tax Revenue
USA Tax News and updates

New York Generates Over 37% of Total US Sports Betting Tax Revenue

  • Post author:
  • Post category:News
  • Post comments:0 Comments

US.- The latest study from the United States Census Bureau indicates that New York is the leading contributor to the US’s sports betting tax revenue, exceeding 37% of the nation’s total. This data comes from the Quarterly Survey of State and Local Tax Revenue (QTAX), which recently incorporated sports betting into its array of state and local tax sources being monitored.

According to the survey, in the third quarter of 2023, sports betting brought in $505.96 million in state-level sales tax and gross receipts nationwide. This figure marks a 20.5% increase from the same quarter in 2022 but is a decrease from the $571.48 million reported in the second quarter of 2023. Of this amount, New York contributed a significant $188.53 million, representing over 37% of the total. Indiana and Ohio trailed behind, with respective revenues of $38.6 million and $32.9 million.

In January, New York achieved a record-breaking sports betting revenue of $211.5 million, an increase of 41.6% from the previous year and 12.3% higher than the $188.3 million recorded in December. The mobile betting sector saw $1.96 billion in wagers, a 9.5% year-on-year rise but a 3.9% decline from December’s figures.

FanDuel set a record for a single operator by earning $109.2 million in online betting revenue and handling $867.1 million in bets. DraftKings followed, earning $71 million and managing $663.8 million in online wagers.

Leave a Reply