New York sports betting handle reached $23.95 billion in the financial year 2024-25. This set a new record for the state, surpassing the $19.3 billion wagered in 2023-24. It is the most ever recorded by a state in the US since betting laws were relaxed in 2018.
The New York State Gambling Commission published the financial figures for April 2024 to March 2025 on Friday. Sportsbooks made an estimated $727 million in profit from the record wagers. New York has the highest tax rate in the nation at 51%, so took in around $371 million to the state coffers.
The figures show that New Yorkers staked the highest amount in March at $2.4 billion, no doubt as a result of March Madness. Americans wagered a total of $3.1 billion on the NCAA event at licensed sports betting operators. This was a $400 million increase from the previous year.
Unlicensed New York sports betting
Other figures released last week showed that the total revenue from unlicensed sports betting operators reached $1 billion in New York.
This takes into account betting in offshore sportsbooks, crypto sports betting, and prediction markets. Sports event contracts continue to boom even in states with legal gambling.
New York-based Kalshi continues to lead the way in their prediction markets. For example, over $60 million was traded on the Masters at Kalshi over the weekend. The industry has boomed since the US election last year and attracts interest from users as well as regulators.
Casino betting in New York
Across the 16 licensed state casinos, over $6 billion was wagered. That marks a slight decrease from $6.1 billion in 2023, and $6.2 billion in 2022. Although only slight, the decreases in casino revenue could be a result of the growth of unlicensed online operators.
Despite online casinos being prohibited in the Big Apple, an estimated $4.3 billion was generated in revenue on casino games last year. This dwarves even the record New York sports betting numbers, which generated around $3 billion.
The majority of that was on sweepstakes casinos that operated in a legal gray area. But a bill proposed to tackle the unlicensed operators in March forced many to exit the state this month. It will be interesting to see how the stricter regulations impact the industry in the coming year.
Sports betting will no doubt continue to thrive. Americans have now wagered over $450 billion since the Supreme Court struck down the law prohibiting legal gambling. And that figure will only grow more as the industry becomes more and more ingrained in US culture, particularly around sports.
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