The experts at EmpireStakes.com have assembled this guide to explain what we mean when we talk about New York sports betting financial figures. The two main categories are handle and gross gaming revenue.
The sports betting market in New York includes nine online/mobile operators as of June 2023, as well as a number of retail sportsbooks at a handful of brick-and-mortar casinos. The online market includes the vast majority of sports betting action in the state.
Also, there are plans for three New York City-area casinos. The specifics on those casinos are not firm but they would possibly include sportsbooks whenever they begin operations.
The handle is simply the total dollars wagered on sports in the state each month. In New York, bettors wager hundreds of millions of dollars each month (sometimes more than $1 billion in a month). Though upstate casinos already had sports gambling available since 2019, online sports wagering was a game-changer when it began in January 2022. Online sports gambling propelled New York to the top of states with sports wagering. Many online operators offer NY sportsbook promo codes to their customers.
Handle represents the amount of total money wagered and gross gaming revenue is what is left over after winning bets are paid. In New York, the tax rate on mobile sportsbooks is 51% of the gross gaming revenue, which is tied with Rhode Island and New Hampshire for the highest tax rate in the country in that category. The New York tax rate on retail sports betting revenue is 10%.
August official mobile sports betting monthly figures were announced by the New York State Gaming Commission (NYSGC) on Monday. The numbers provided a sense that summer is nearly behind us.
The Empire State generated more than $1.118 billion in handle (mobile and retail combined), a significant 15.7% increase from July's $962.12 million and a huge 27.4% jump from August 2022 ($877.4 million). New York mobile sports betting handle, or amount wagered, exceeded $1.112 billion. That was up 15.7% from July's $962.12 million and up a huge 27.6% from August 2022 ($872.22 million).
Total revenue for the month was more than $99.24 million, down 5.9% from July ($105.51 million) and down a mild 1.5% from August 2022 ($100.76 million). Mobile revenue declined 6.3%, from July’s $105.13 million to $98.5 million. Last month also represented a dip from 12 months earlier ($99.6 million).
Taxes collected from mobile sports betting in August: $50.23 million, down $3.4 million from July's $53.6 million.
DraftKings ($446.94 million) topped the top five mobile handles for the month, followed by FanDuel ($409.1 million), Caesars ($120.09 million), BetMGM ($70.51 million) and BetRivers ($36.31 million). FanDuel ($41.96 million) led the way in gross gaming revenue (GGR) in August, followed by DraftKings ($35.45 million), Caesars ($9.55 million), BetMGM ($6.54 million) and BetRivers ($2.99 million).
Week 1 of the NFL regular season concludes tonight as the Buffalo Bills visit the New York Jets.
New York sports betting handle in FY 2022-23 was about $16.4 billion.
The tax rate for New York sports betting is 51%.
The New York State Gaming Commission reports its figures for sports betting both weekly and monthly.
Sports wagering tax proceeds go to education.
The New York State Gaming Commission.
Mobile sports betting handle at New York sportsbook apps refers to the amount of money wagered on mobile or online apps, using phones, laptops or other online devices. In New York, total handle refers to the combined handle of both online wagering and sports betting done at casinos.
Handle is the term used to refer to the amount of money wagered. In New York, Gross Gaming Revenue refers to what’s left after winning bets are paid out.
The experts at EmpireStakes who bring you the latest updates in New York sports betting as well as the state's casinos. We pull together decades of experience to give you analysis as well as comparisons of the best NY online gambling apps.
Cited by leading media organizations, such as: