New York Gamblers Wagered $1.6B On Sports Betting In April

New York gamblers wagered approximately $1.96 billion on sports betting in April 2024, about a 6% increase over March. That’s the largest total handle in a month so far in 2024. 

New York saw its largest 2024 sports betting handle in April, a 27.3% increase over April 2023

This year’s April 2024 figure is a 27.3% increase compared to April 2023. New York set a record handle of $2.11 billion in November 2023. The previous record of $2.01 billion was set during the month prior in October. 

The New York Gaming Commission legalized the online sports betting market in January 2022. The industry has only grown in the Empire State since then, in addition to sportsbooks producing a steady flow of tax contributions.

New York’s gross gaming revenue (GGR) totaled $183.8 million. That amount is higher than April 2023 and this past March. 

New York received roughly $93.7 million in tax revenue allocated for public education. Of the total, approximately $6 million goes toward problem gambling education and treatment and $5 million helps fund youth sports activities and education grants.

FanDuel led all other licensed sportsbook operators with $91 million in GGR. The company collected a total revenue figure of $780.5 million as well.

DraftKings finished second with $63.2 million in GGR and a handle of $737 million. Caesars ($158.8 million) and BetMGM ($130.1 million) also made bank in total handle. 

These operators pay a 51% tax rate on their GGR to the state.

Knicks, Yankees, Mets, Islanders, and Rangers contributed to last month’s total handle

The MLB, NBA, and NHL helped New York sportsbooks reach last month’s figures. The New York Knicks played five playoff games last month. Plus, the Yankees and Mets also kicked off their baseball seasons. Additionally, both the Islanders and Rangers competed in the Stanley Cup Playoffs.

New York is the highest contributor in the U.S. sports betting market, generating more than 37% of the total tax revenue.

With a growing population and economy, the GGR and tax revenue via sports betting are projected to increase in New York in the years ahead. 

At the SBC Summit North America, a number of industry experts argued that online gambling is the future of the sports betting industry.

As of May 2024, a staggering 38 states and Washington D.C. offer some form of legal wagering. Illinois, Nevada, New Jersey, New York, and Pennsylvania are the largest all-time contributors in betting handle, according to Forbes.