Make It Rain đź’¸
The betting news reports that New York has achieved an outstanding milestone and is killing it in the sports betting game! The NY sports betting scene just became the first state to rake in over $4 billion in wagers since sports betting became legal. That’s a huge win, and it shows there’s still a ton of room for growth. Everyone’s winning here—sports betting companies are making a buck, and New York’s bringing in a ton of cash, too.
New York’s Record-Breaking Milestone
The New York State Gaming Commission recently reported that New York’s sportsbooks have exceeded $4 billion in revenue. This landmark achievement is a testament to the state’s thriving sports betting industry.
For June alone, operator winnings reached $134.2 million, with the state collecting $68.3 million in taxes from a 9.1% hold. June’s revenue increased by 29.1% year-over-year, while the handle rose by 26.2%, highlighting the growing popularity of betting online in New York.
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NY sports betting scene: Strong Operator Performance
Leading the market, FanDuel generated $67.1 million in revenue from $571.2 million in handling. This marked the first time since January that FanDuel surpassed 50% of mobile winnings. Following closely, DraftKings earned $40.9 million in revenue from $521.6 million in bets. Caesars came in third, earning $8.6 million from $127.7 million in wagers.
Other notable performers include BetMGM and Fanatics Sportsbook. BetMGM narrowly outpaced Fanatics Sportsbook for the fourth spot, earning $6.8 million. Fanatics achieved a 9.9% win rate, earning $6.7 million from $67.3 million in wagers. BetRivers accepted $68.8 million in bets but had the lowest hold at 3.7%, earning just over $2.5 million.
High Tax Revenues and Market Stability
New York also surpassed $1 billion in sports betting revenue for the calendar year, generating $517.1 million in taxes from the 51% mobile operator tax rate. When former Governor Andrew Cuomo pushed for legalizing mobile sports betting, he projected $500 million in tax revenue for a fiscal year.
Current Governor Kathy Hochul’s projections are even more ambitious, with expectations of $860 million in receipts from online gambling for Fiscal Year 2025. In just the first three months, the state has collected $265.7 million, underscoring the financial benefits of the NY sports betting scene.
New York’s sports betting scene is crushing it this year! They already raked in over $10 billion in bets in the first half of 2024, and with football season coming up, things are expected to get even crazier!
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