New York sportsbooks came within an inch of setting a new state record when they handled $1.785 million during March.
That was just $3 million short of the $1.788 million record set in January, when the NFL playoffs were in full swing.
The arrival of the NCAA Tournament drove an increase in the state’s sports betting handle in March, while NBA and NHL games also played a part.
Gross gaming revenue did reach new heights, which in turn led to New York’s best month for tax income from sports betting.
The state claimed $83 million in March from taxing sportsbooks, which smashed the previous record of $76.2 million set in January.
The latest figures from the New York State Gaming Commission show that the handle for the week to April 3, 2023, was $339.87 million, while gross revenue hit $27.26 million.
New York’s fiscal year also ends on March 31, and the state earned $744 million in tax revenue from the sports betting industry during the 12-month period.
The total handle was $16.4 billion, and gross gaming handle was just short of $1.5 billion during the year.
New York imposes a 51% revenue tax, and it does not allow operators to deduct promotional spend before paying that tax.
Sportsbooks have lobbied for the rate to be reduced, as it is far higher than most other states, but lawmakers have thus far refused to budge.
