New York’s Bookmaking Industry Hits Record $25 Billion in Just 16 Months

Since the legalization of the bookmaking industry in New York, the sports betting market has witnessed astonishing growth, reaching a massive $25 billion within just 16 months. This remarkable achievement sets a new record for hitting the $25 billion mark. The record was held previously by New Jersey, where it took 47 months to reach the same value.

As of June 2023, the state has collected $983.5 million in taxes from the bookmaking industry.

The tax rate for bookmakers is 51% of the adjusted gross gaming revenue, making it the highest rate in the United States.

Leading the market in New York are DraftKings and FanDuel. FanDuel held the first position in terms of betting volume for 80 weeks before being surpassed by DraftKings in June. Combined, these two companies account for almost 75% of the market share in the United States.