No one could have anticipated that online sports betting in New York would skyrocket to become the largest industry in the nation in such a short span of time.
However, the Empire State has made significant progress in the realm of online sports betting. With 71 weeks of legal operation, it has emerged as a strong contender, rivaling the accomplishments of New Jersey and Nevada in terms of highest handle. Furthermore, it is rapidly approaching New Jersey’s record for highest revenue and has established itself as the unquestionable leader in generating state tax revenue.
The New York State Gaming Commission recently published the sports betting figures for the week ending May 14th. Although the numbers may not be eye-catching ($318 million in handle, marking the state’s lowest since September), their significance should not be overlooked.
In the previous week, New York achieved a milestone by surpassing $2 billion in total gaming revenue. Interestingly, this success came just one week after the Empire State reached another significant milestone of generating over $1 billion in state tax revenue since its launch in January 2022.
NY sports betting tops $1 billion in state tax revenue…
State lawmakers prioritize one specific total above all others, and it took a mere 71 weeks to achieve these significant NY sports betting revenue totals.
State officials had set a high target of New York generating $500 million in annual tax revenue by fiscal year 2025. However, as of May 2025, the country witnessed the emergence of 29 legal and regulated sports betting markets.
However, out of all the states, only New York has managed to surpass $1 billion in state tax revenue. Moreover, it is the sole state that has exceeded the $500 million mark and is now looking back at it in its rearview mirror.
New York’s total exceeds $1.02 billion, making it 138% larger than Pennsylvania’s second-place figure of $427.6 million reported through April.
It is evident that New York greatly profits from a high tax rate of 51%. However, achieving this milestone requires collective effort, and NY sportsbooks have successfully surpassed those expectations.
… and $2 billion in gross gaming revenue
Everyone recognized the strong desire for regulated sports betting in New York when legislation was proposed to legalize the industry. The betting public has consistently demonstrated this fact.
New York sportsbooks have achieved an impressive milestone, surpassing $2 billion in gross gaming revenue in just over 15 months. Consequently, the Empire State joins New Jersey, which introduced sports betting in the summer of 2018, as the exclusive markets to reach this remarkable tier.
To provide some context, New Jersey presently holds the top spot in terms of revenue, with a little under $2.7 billion. However, it took the Garden State a little over four years, or precisely 51 months, to surpass the $2 billion mark.
Save a seat for NY in $25 billion handle club
New York sports betting is steadily approaching another significant milestone as the summer draws near.
After the repeal of PASPA by the US Supreme Court in 2018, allowing state-regulated sports betting, only two markets managed to surpass a handle of $25 billion.
Nevada achieved the same accomplishment 49 months after New Jersey.
Once again, New York finds itself with a staggering $23.4 billion, approaching the esteemed group. In total, it is highly probable that NY sports betting will reach $25 billion by June.
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