FanDuel Tops $1 Billion In Tax Payments To New YorkOperators Also Sees Major Gains In D.C. |
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Online sports betting launched in New York in January 2022, and has been rapidly growing ever since. Now some recent mobile betting numbers from FanDuel point to how successful the industry has been in the Empire State.
The country’s top sports betting platform was set to pass $1 billion in mobile sports betting tax payments to the state in late June. For the month, FanDuel saw a total handle of $571.3 million with gross gaming revenue of more than $91 million.
“The mobile juggernaut is the runaway leader in handle and revenue among the nine sports betting apps available in the Empire State,” SportsHandle.com notes. “FanDuel has amassed a vast collection of firsts and milestones in the 2 1/2 years since digital wagering launched in New York in January 2022.”
Benefitting State Education
The June numbers offer more insight on how much revenue heads to the state. Of those revenue figures $32.9 million goes to the FanDuel bottom line with another $34.2 million going to the state toward education because of the state’s 51% tax rate.
On the whole, June saw $1.5 billion in total mobile wagering handle in the state from all operators. That led to gross revenue of $131. 9 million with $65.6 million going to operators and $68.3 million heading to the state. Considering this, FanDuel accounted for 52% of all New York mobile sports betting operator revenue.
The state still faces budget shortfalls of billions of dollars and is now considering adding online gaming as well.
FanDuel Drives D.C. Growth
Another market also showed how much of a heavyweight FanDuel has become in the sports betting industry. In Washington D.C., the city recently scrapped its own sports betting platform in favor of using outside operators.
FanDuel began operating in the market in April and total handle among all operators for May reached a record $35.4 million, accounting for a 183% increase since FanDuel took over betting operations.
FanDuel took in 84% of those wagers for $29.7 million, followed by Caesars with $2.7 million and BetMGM with $1.6 million.
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