No state bets — or wins — like New York when it comes to sports gambling revenue.
According to a new report from The Motley Fool, New York ranks #1 in the nation for both total sports betting revenue and the tax dollars it generates. Since legalizing the practice in 2019, the state has pulled in over $6.4 billion in gross revenue — and $3.3 billion in taxes.
That puts New York far ahead of the rest of the country. The next closest state, Illinois, has brought in just under $1 billion in taxes from sports betting.
Bettors lost $13 billion in 2024 alone
The report found that sports betting is now legal in 38 states and Washington, D.C. Combined, states have collected more than $9.3 billion in taxes since 2018.
In 2024, U.S. bettors lost a staggering $13 billion to sportsbooks — about 8.7% of the total $149 billion wagered.
For the average NFL bettor, the loss rate hovers between 8% and 9%, adding up to as much as $209 lost per person over the season.
Top 5 states by tax revenue
- New York – $3.26B
- Illinois – $958M
- Pennsylvania – $773M
- New Jersey – $657M
- Ohio – $407M
Top 5 states by gross revenue
- New York – $6.4B
- New Jersey – $5.1B
- Illinois – $4.4B
- Pennsylvania – $3.4B
- Nevada – $2.9B
Caution from financial experts
The report also comes with a warning: While sports betting is popular, it’s not a smart long-term financial strategy. Financial analysts note that consistent investing in things like high-yield savings accounts or the stock market tends to yield better returns.
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