New York Sports Betting Tax Revenue Tops $1B in Latest Numbers

Tax revenue from New York online sports betting has officially topped $1 billion. Taxes collected from the state’s online sports betting market hit $1,068,795,916 after The New York State Gaming Commission reported May numbers.

The Empire State took in more than $77.5 million in taxes last month, bringing current totals where they are today.

The sports betting tax rate is 50.9% in New York.

Nevada and New Jersey are the other two states that have collected $1 billion in taxes from sports betting.

Handles Slump, Tax Revenue Jumps

Illinois places second in the nation in sports betting taxes. It jumped over Pennsylvania in April. The Illinois Gaming Board reported $14.4 million in April. Sportsbooks are taxed at 17.7% there.

The total handle in Illinois was down slightly for the same month, but was still enough to hit second place with nearly $900 million in total bets.

Pennsylvania, Massachusetts, and New Jersey round out the top five in sports betting taxes.

Similar Stories Across Many States

The sports betting handle in Maryland dipped 3% to $320.1 million in May. That’s the second-lowest monthly total since online sports betting launched in November 2022. But May was the second-highest tax revenue month with $4.6 million, according to the Maryland Lottery and Gaming Control Commission

In Indiana, sports betting slumped in May, but tax revenue increased to $3.2 million, about a 14% increase over April. The Indiana Gaming Commission attributes the increase to a jump in hold percentage.

The post New York Sports Betting Tax Revenue Tops $1B in Latest Numbers appeared first on Casino.org.