New York #1 in Sports Betting Revenue

New York #1 in Sports Betting Revenue

Photo illustration by Scott Olson/Getty Images
 A new study has revealed the top states for sports betting with New York leading the way.
Sports betting is the activity of predicting sports results and placing a wager on the outcome. Sports bettors place their wagers either legally, through a sportsbook or bookmaker (colloquially known as "bookies"), or illegally through privately run enterprises.

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Sports betting companies, or sportsbooks, accept wagers on athletic events, and since a 2018 U.S. Supreme Court ruling, they have rapidly expanded across the United States. These companies, which operate online, via mobile apps, and in physical retail locations, make their profit by incorporating a commission, known as the "vigorish" or "vig," into their betting odds. Prominent examples of sports betting companies include DraftKings, FanDuel, BetMGM, and Caesars Sportsbook. These companies offer both online platforms and, in some cases, retail locations for placing sports bets. 
Sports betting is big business for states, but New York stands in a league of its own—ranking #1 for both gross revenue and tax collections. A new study by The Motley Fool analyzed seven years of sports betting data to reveal which states generate the most money from wagers and taxes.
Key Findings:

  • States have collected $9.3 billion in taxes from sports betting since June 2018.

  • New York has generated the most tax revenue from sports betting ($3.3 billion) since the state legalized it in June 2019.

  • Sports betting is currently legal in 38 U.S. states and the District of Columbia.

  • The average NFL bettor loses between 8% and 9% of their wagers, amounting to as much as $209 lost per person.

  • Bettors collectively lost $13 billion to sportsbooks in 2024, equal to 8.7% of the $149 billion wagered that year.
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Top 10 States By Tax Revenue (Since Legalization)

  1. New York ($3,259,357,360)

  2. Illinois ($958,470,529)

  3. Pennsylvania ($772,684,902)

  4. New Jersey ($657,145,261)

  5. Ohio ($407,208,937)

  6. Massachusetts ($308,076,921)

  7. Virginia ($292,126,083)

  8. Indiana ($231,744,227)

  9. Nevada ($194,882,996)

  10. Maryland ($184,629,144)

  11. Louisiana ($179,431,607) 
Top 10 States By Gross Revenue (Since Legalization)

  1. New York ($6,399,082,421)

  2. New Jersey ($5,099,001,121)

  3. Illinois ($4,375,873,069)

  4. Pennsylvania ($3,376,600,461)

  5. Nevada ($2,905,691,000)

  6. Arizona ($2,802,219,947)

  7. Virginia ($2,413,101,560)

  8. Ohio ($2,295,196,016)

  9. Indiana ($2,066,377,199)

  10. Michigan ($1,941,399,218)

Legal Sports Betting in Connecticut Launches on October 7!

Gallery Credit: Ethan Carey

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