The Empire State is one of the markets that reports its weekly and monthly handles each month. The NFL playoffs contributed the most to these numbers, but the Buffalo Bills losing to the Cincinnati Bengals ruined the state’s chances of reaching the $2 billion monthly handle benchmark.
Through January 29th, the handle numbers totaled $1.71 billion, which already eclipsed the previous mark that was set during the launch month of $1.67 billion. With only three days remaining in January, the next best shot for the Empire State to attempt the $2 billion benchmark in March, thanks to March Madness.
Sportsbook operators that continue to accept wagers in the sports betting capital keep expressing their concerns about the 51 percent tax rate, which is tied with New Hampshire for the highest total in the industry. Sen. Addabbo introduced a bill to mitigate the stress, but the significant amendments are unlikely.
Posting numbers like this will continue to favor educational and youth sports programs that benefit from the revenue. Persuading the New York State Gaming Commission would take a lot of effort.
Tax Receipts Keep Rising as Well
In January, the Empire State was on the pace of collecting more than $70 million in tax revenue from online sports betting for the fifth consecutive month. As of January 29th, the Empire State had generated $71.5 million in tax revenue from online sports betting. This amount is still shy of the record set in November 2022, which stands at $75.6 million.
Gov. Kathy Hochul continues to advocate for the sports betting operation strongly. According to the executive budget for the fiscal year 2024, the state of New York is projected to generate $896 million in tax revenue from online sports betting. To put that into perspective, that is approximately $75 million per month.
If more sportsbooks gain market access in the competitive market, these projections could change drastically. With more sports betting platforms joining the market, the tax rate is expected to drop to 35 percent.
Super Bowl Number Projections
PlayUSA forecasts New York ($151.5 million) will place second behind Nevada ($176.2 million) in Super Bowl handle. Nevada is closer to the sports betting site once again, and the Philadelphia Eagles have a huge fan base in South New Jersey.
The Empire State didn’t release its sports betting numbers last year. States aren’t required to do so, and not every state breaks down the Big Game individually. Regardless, the average sports betting average will skyrocket before and during the game.