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FanDuel Paid More Than $1 Billion in Estimated NY Sports Betting Taxes

FanDuel Paid More Than $1 Billion in Estimated NY Sports Betting Taxes
Sean Young    , ,   -

FanDuel Paid More Than $1 Billion in Estimated NY Sports Betting Taxes

Last updated on July 6th, 2024 at 06:57 am

Sportsbook pay per head reports show that FanDuel paid more than $1 billion in NY sports betting taxes. The New York Gaming Commission stated that the sportsbook operator received around $6.5 million in wagers for the week ending June 30.

The mobile behemoth has the most handle and income among the nine sportsbook apps allowed in New York. Since digital wagering debuted in New York in January 2022, FanDuel has accumulated many firsts and accomplishments in the two and a half years since then. This past week, it held a 10.1% stake, earning $12.8 million from sports betting on about $127 million in handling. According to its financials, it has won over $500 million this year and is within $32.7 million of $2 billion.

Total wagers for the week came in at $322.6 million, a 3.1% decrease from the previous week’s total and the lowest for New York since the week ending September 3, the last whole week before the 2023 NFL season, when wagers were $312.8 million. As a result of a collective 9% hold by the nine operators being 2.4 percentage points lower than last week, revenue fell 23.6% to $29.2 million weekly. Revenue for the week was positive for all nine sportsbooks, resulting in expected tax payments of $14.9 million, down $4.6 million from the prior seven days.

FanDuel’s Estimated NY Sports Betting Taxes

FanDuel Paid More Than $1 Billion in Estimated NY Sports Betting TaxesWith $963.8 million in taxes paid to the state as of the beginning of June, FanDuel brought in $82.3 million in income, according to the five weekly totals derived from data provided by the NYSGC. If the state had levied a 51% tax on those gains, the state would have received over $42 million.

Once the state government releases its full-month data for June, it will be possible to tell whether FanDuel officially paid more than $1 billion in taxes based on the timing of the receipts from the first week of action, which occurred from May 27 to June 2. When adding up all of the state tax income collected after PASPA, which comes to $5.89 billion (including $84.1 million from New York according to its five weekly June reports), FanDuel has contributed around 17% of the entire U.S. state tax revenue in New York alone via its mobile platform.

According to pay per head reviews and news sites, FanDuel achieved a win rate of 10% or above for the eighth consecutive week, putting it one victory short of tying its most remarkable run, which it set from July 31 to September 25, 2022. Only two of the 26 weeks that made up the first half of 2024 fell below the industry standard of 7%, while 19 of those weeks saw a hold of double digits for FanDuel.

Other Sportsbooks in New York

With an 8.5% hold on $113.5 million worth of bets, DraftKings was the only other mobile provider to achieve $9.7 million in winners for the week, setting a record. According to 9DollarPerHead.com sources, DraftKings’ year-to-date handle topped $4 billion as of June 30th, and its hold for the year is 9%, leading to revenue of $364.5 million.

With a win percentage of 7.2% and $27.9 million in handle, Caesars came within $2,300 of $2 million, edging out BetMGM for third place in revenue. Compared to BetMGM, which had an 8.6% hold on $22.9 million in action, its revenue was $23,400 greater.

With an 11.1% win rate and $1.8 million in revenue from $16.5 million in handle, Fanatics Sportsbook continued their streak of double-digit holds to four weeks in a row, something that PointsBet never managed to do earlier. With $6.8 million in earnings on $62.2 million in bets, Fanatics has a hold of slightly under 11% at that time.

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