New York contributes more than 37% of all US sports betting tax

New York was the state with the largest share of the nation’s tax revenue in Q3 2023.

02/15/24

The Quarterly Survey of State and Local Tax Revenue shows sports betting generated national state-level sales tax and gross receipts of $505.96m in Q3 2023.

US.- A study carried out by the United States Census Bureau has revealed that New York contributes more than 37 per cent of the total tax revenue generated from sports betting in the US. The Quarterly Survey of State and Local Tax Revenue (QTAX) recently added sports betting to the list of surveyed state and local tax revenue sources.

The study shows that in Q3 2023, sports betting generated national state-level sales tax and gross receipts of $505.96m, up 20.5 per cent from the same quarter in 2022, but down from $571.48m reported in Q2 2023. New York accounted for $188.53m, more than 37 per cent. Indiana, with $38.6m and Ohio, with $32.9m, followed.

In January, sports betting revenue in New York reached a record $211.5m, up 41.6 per cent year-on-year and 12.3 per cent ahead of December’s $188.3m. The mobile handle was $1.96bn, up 9.5 per cent year-on-year but 3.9 per cent lower than in December.

FanDuel posted $109.2m in online betting revenue, the highest figure yet posted by a single operator. It processed $867.1m in wagers. DraftKings was second with $71m in revenue. It took $663.8m in online bets.

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