The New York State Gaming Commission reported Monday that sports wagering provided $70.8 million in state taxes in the month of April, putting the Empire State in position to soon become the first to generate $1 billion in tax revenue in the post-PASPA era.
The 51% tax rate the state levies on mobile operators’ adjusted gross revenue is a key driver setting New York up for the milestone, which could be reached in the week ending May 14 if typical weekly handle and revenue figures continue. The state has received close to $983.5 million in state taxes since accepting its first wagers in July 2019, with mobile betting — which launched in January 2022 — accounting for close to $979.3 million of that amount.
New York’s hefty amount in April was enough to lift the all-time national tax revenue total from sports betting in the post-PASPA era above $3 billion.
New York’s April handle reached $1.55 billion, the ninth time in 16 months with mobile wagering available that it crossed $1.5 billion. Revenue was just shy of $139.3 million, creating a solid hold close to 9%. While figures were down from March, handle ticked 5.7% higher than April 2022. Revenue was 31.9% higher than a year ago, with this April’s win rate 1.5 percentage points higher than 2022.