New York Sports Betting Is Shattering Expectations
In the short time since launch New York has been posting excellent gaming revenue. For the month of November, New York reported $148 million for gross gaming revenue, a record month for the state still in its infancy. The total handle for all New York sportsbooks totaled $1.55 billion which marks the second month in a row that they have surpassed the $1.5 billion mark but is only the third highest month since their January launch. Of the overall handle the top three earners were FanDuel with $646 million, DraftKings with $499 million, and Caesars with $200 million. These numbers are shattering expectations as New York was estimated to pull $99 million in state tax revenue for the first year and then expand to $500 million by 2024 with $13 billion in total bets. Instead, New York has surpassed this goal in its first 11 months with online sportsbooks garnering over $14.5 billion already with over $1.22 billion in gross gaming revenue. The result of its success has pushed New York State tax revenue to around $621 million easily overpassing their estimated 2024 numbers.