Monthly NY Sports Betting Handle Stays Above $1 Billion In February – Legal Sports Report

Despite an underwhelming Super Bowl, online NY sports betting produced $1.47 billion in handle for February

That is compared to $1.53 billion in online New York sports betting handle for February last year. 

New York posted $100.5 million in overall Super Bowl betting handle, $99.1 million of which was bet online.

Nevada led the way for the big game at $153.2 million

Huge NY sports betting tax revenue

February 2023 also yielded $108.3 million in total gross gaming revenue, and $55.2 million in tax revenue. 

The Empire State exceeded $70 million in tax revenue in each of the previous five months. Still, through the first 11 months of fiscal year 2023, New York is at $660.9 million in tax revenue

From Jan. 8, 2022 through Feb. 28, 2023), New York online sports betting has produced $19.4 billion in handle and $824.6 million in tax revenue. 

NYS budget focus for FY2024

Sports betting is not a focus in the NYS budget process. Rather, policymakers were trying to push an online casino bill

Yet the chances of iGaming being included in the one-house budgets were described to LSR by.a source as “on life support.” 

Opposition from the Hotel & Gaming Trades Council is preventing any chances of online casino gaming for 2023, a source said. A March 7 iGaming roundtable featuring policymakers and industry experts attempted to alleviate HTC’s concerns about cannabalization and union jobs.

NY sports betting menu on a break

At the roundtable, Assemblyman Gary Pretlow said he was, at least for the time being, focusing on pushing iGaming rather than an expanded sports betting menu

Online sports betting operators also appear not to have gained any traction in their attempts to lower the 51% tax rateDraftKings CEO Jason Robins claimed earlier this year that his sportsbook could be “forced” to offer worse odds and lesser promos if a reduction does not occur.

That rate is not expected to change after Gov. Kathy Hochul upped the ante in her FY2024 executive budget proposal by projecting online sports betting would yield $896 million in tax revenue. 

Latest news
Related news