{"id":277302,"date":"2023-06-14T14:25:07","date_gmt":"2023-06-14T19:25:07","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=277302"},"modified":"2023-06-14T15:29:05","modified_gmt":"2023-06-14T20:29:05","slug":"new-york-sports-betting-tax-revenue-tops-1b-in-latest-numbers","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/new-york-sports-betting-tax-revenue-tops-1b-in-latest-numbers\/","title":{"rendered":"New York Sports Betting Tax Revenue Tops $1B in Latest Numbers"},"content":{"rendered":"

Tax revenue from New York online sports betting has officially topped $1 billion. Taxes collected from the state\u2019s online sports betting market hit $1,068,795,916 after The New York State Gaming Commission reported May numbers.<\/p>\n

\"\"
The Empire State Building, above. The Empire State is raking in revenue from legalized sports betting. (Image: Getty)<\/figcaption><\/figure>\n

The Empire State took in more than $77.5 million in taxes last month, bringing current totals where they are today.<\/p>\n

\n

New York launched online sports betting in January 2022 and hasn’t looked back. The Gaming Commission releases reports weekly and says gross gaming dollars have never dropped below $149.7 million in any week.<\/p>\n<\/div>\n

The sports betting tax rate is 50.9% in New York.<\/p>\n

Nevada and New Jersey are the other two states that have collected $1 billion in taxes from sports betting.<\/p>\n

Handles Slump, Tax Revenue Jumps<\/strong><\/h2>\n

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.<\/p>\n

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.<\/strong><\/p>\n

Pennsylvania, Massachusetts, and New Jersey round out the top five in sports betting taxes.<\/p>\n

Similar Stories Across Many States<\/strong><\/h2>\n

The sports betting handle in Maryland dipped 3% to $320.1 million in May. That\u2019s 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<\/p>\n

\n

In West Virginia, the handle fell for the second consecutive month, but online sportsbooks, with a better win rate, helped sports betting operators generate $3.5 million. The Mountaineer State collected $294,361 in tax revenue, according to the West Virginia Lottery.<\/p>\n<\/div>\n

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.<\/p>\n","protected":false},"excerpt":{"rendered":"

Tax revenue from New York online sports betting has officially topped $1 billion. Taxes collected from the state\u2019s 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. New […]<\/p>\n","protected":false},"author":98,"featured_media":277473,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1074],"tags":[],"acf":[],"yoast_head":"\nNew York Sports Betting Tax Revenue Tops $1B in Latest Numbers - Casino.org<\/title>\n<meta name=\"description\" content=\"Tax revenue from New York online sports betting has officially topped $1 billion. 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