Our partners at This Week in Gambling are covering some amazing betting news, as gambling in America has just set a new all time high for revenue. Naturally, the state of Nevada led the way, extending their streak of billion dollar months to twenty-one. But there is a new leader when it comes to the king of sports betting!
It’s been a busy few months for gambling in America, as casino and sports betting have generated nearly $55 billion through the first eleven months of 2022. Before the figured from December are even calculated, that beats the old record of $53 billion in a year. And that $55 billion total does not take into account the more that 500 tribal casinos, who collectively brought in another $40 billion last year.
Not to be left out of the party, casinos across Nevada continued the record-breaking streak billion dollar months in November. With those figures in, Las Vegas and the crew also set an all-time high for gambling revenue in a year… also in just eleven months. The Gambling Commission reports that the state generated $13.5 billion through November of last year, thanks mostly to the continued success of slot machines, with additional revenue from sports betting.
And considering betting on sports, there are now thirty-six states regulating the activity, with billions of additional dollars being added to tax coffers. And the biggest winner from sports betting legalization and taxation has been New York. Sports betting only launched in January of 2022, but already the state has jumped to 5th place in total revenue tracked over the past five years. Additionally, with an exorbitant tax rate of 51%, New York jumps ahead of all other states, ranking number one in taxes collected.
While looking at the tax income figures for a five year period, New York made more from the taxes generated more tax revenue from betting on sports than any other state. They completely passed jurisdictions like Nevada and New Jersey, making nearly twice as much in revenue in a single year than those states made in the past five years! That says a lot about their tax structure and the status of gambling in America!
