New York Reports $17B from Online Sports Betting Through Dec 2024
Online sports betting total handle is down slightly in the current fiscal year. Through December, New York reports the total to be just over $17 billion.
NY online sports betting is down compared to the previous fiscal year.
Key Facts:
- New York reported $17.05 billion in online sports wagers accepted through December for the FY 2024/25.
- Over $6 million has been raised for problem gambling prevention and treatment in the current fiscal year.
- Total handle and revenue from mobile sports betting is down compared to 2023/24 fiscal year.
The New York State Gaming Commission has unveiled its latest analysis of the mobile sports betting industry’s performance for the 2024/2025 fiscal year.
The report highlights a total wagering handle of $17.05 billion, which resulted in $1.55 billion in gross gaming revenue (GGR). Of this, $790.4 million was earmarked for educational initiatives in the Empire State.
In comparison, the prior fiscal year (2023/2024) achieved a larger handle of $19.64 billion, generating $1.76 billion in GGR and contributing $898.5 million to education. This followed a period of steady growth, as the 2022/2023 fiscal year recorded a handle of $16.40 billion and $1.46 billion in GGR.
Where Does NY Rank Among Other States?
New York is the leading online sports betting market in the United States. The fastest to get to $2 billion in revenue, New York proved to be profitable in 2024 once again. For the calendar year, New Yorkers wagered more than $22.6 billion in 2024. The state received more than $1 billion in online sports betting tax revenue last year.
Recent monthly figures underscore seasonal betting trends, with heightened activity during the fall sports calendar, fueled by the National Football League and college football. December 2024 saw a handle of $2.28 billion, translating to $150.4 million in GGR. Meanwhile, November 2024 stood out with $231.6 million in GGR, derived from a $2.27 billion handle.
New York’s revenue-sharing framework remains consistent, allocating approximately 51% of gross gaming revenue to platform operators, with the balance—after adjustments and penalties—directed to state-run programs.
The 51% tax rate on online casinos revenue (which is the same rate imposed for online sportsbooks) is the highest in the U.S. The result of the rate is that the Empire State receives millions in taxes each year for its programs.
Notably, taxes imposed on online casinos in New York fund educational programs dedicated for problem gambling prevention, the NY gambling hotline, and treatment ($6 million). In addition, youth sports initiatives in New York received $5 million from the tax haul.
