FanDuel hits $1 Billion Mobile Sports Betting Revenue in New York

Author:

Paul R

Updated:

Jun 6, 2023

Big sports enthusiast, long-time Seahawks fan who loves betting on major pro and college sports.

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One of the leading sports betting operators in the United States has reached a significant betting milestone in the Empire State.

FanDuel became the first mobile betting operator in New York to top $1 billion in revenue. The New York Gaming Commission reported that the wagering giant generated $19.8 million in winnings up to May 28, 2023. Those numbers meant FanDuel’s current running total reached $1,007,415,901 through 73 weeks of constant numbers being posted by the NYSGC since mobile sports betting launched in the Big Apple in 8 January 2022.

To give this some perspective, there are only five states in the whole country – Illinois, Indiana, Nevada, New Jersey, and Pennsylvania, that have hit $1 billion in total operator revenue. The revenue FanDuel has generated, which has come entirely from bettors placing online wagers in New York over the past 17 months, accounts for around 5.5% of the total $18.3 billion in gross revenue operates have posted since the removal of PASPA.

FanDuel has had a massive impact on the betting numbers in New York. It has been the main driver behind the state shooting to the No. 1 spot for handle on a monthly basis for every month mobile wagering has been available in the state. The Empire State boasts the top 11 all-time national monthly handle totals.

FanDuel Tax

Although FanDuel has enjoyed huge success in New York, it has come at a cost. FanDuel pays approximately 51% tax on its gross revenue to the state, with the cash going to good causes such as New York’s education fund. FanDuel’s total tax bill for the four full weeks of May is estimated predicted to surpass $36.1 million. Additionally, the $36.1 million bill paid in April would have been ranked No. 1 nationally if separated from the rest of New York because that figure was more than the four retail sportsbooks and mobile operators combined in NYC.

The overall tax bill for FanDuel in New York will go over $500 million when May’s numbers are released. The company is seemingly going from strength to strength in NY. With the new NFL season due to begin in September, the brand will be hoping those numbers will grow even bigger as we head toward the end of the year.