Stock Market Discussion on Wall Street Bets: New York OSB, Monarch Casino, and Tariffs Impact on Foot Traffic
In the realm of online sports betting, New York has emerged as a thriving market, with record handles and revenues. As of August 2025, online sports betting is legal and fully operational in New York, boasting nine active sportsbooks including major operators like FanDuel, DraftKings, Caesars, BetMGM, and Fanatics [1][3][4].
The market's growth is evident in the tax revenue generated. New York managed to rake in a substantial $302 million in tax revenue in 2022 after just months of mobile sports betting [1]. By April 2025, the monthly sports betting handle reached a staggering $2.15 billion, marking a 9.6% increase from the previous year [5]. Correspondingly, there was a 4.8% increase in mobile sports betting revenue compared year-over-year in April 2025.
The betting handle has shown consistent growth, with a 20% year-over-year increase in handle just by March 2025 and a 19.1% month-over-month revenue increase from March to April 2025 [5]. FanDuel and DraftKings dominate the market with handles of $822.5 million and $727.3 million respectively in April 2025, followed by Fanatics, which rapidly grew in market share after acquiring PointsBet [5].
However, New York's online sports betting market is not without its challenges. The state has one of the highest sportsbook tax rates at 51%. Legislative proposals since 2022 aim to expand the number of operators from nine to potentially sixteen by 2024, which would progressively reduce the tax rate from 51% to 35%, and eventually to 25% if the market grows enough [2]. These proposals also contain provisions to support minority-owned sportsbook licenses, but it remains uncertain if Governor Kathy Hochul will approve these tax and licensing reforms [2].
Elsewhere in the United States, the picture is somewhat different. Illinois' casino foot traffic is running -13.1% lower than 2019 levels in June, while Pennsylvania's casino foot traffic was up +5.4% and +2.5% year-over-year in June [6]. Jeffries' Katz analyzed casino foot traffic in a July 16 note, and J.P. Morgan analyst Daniel Politzer reviewed New York State's online sports betting on July 17 [7]. In comparison, the hold rate for the week ending July 13 was 10.6%, with the 3QTD online sports betting revenue tracking +3% year-over-year [8].
Meanwhile, Atlantic City's June casino volumes were down -19.5% compared to 2019 levels, and -8.5% year-over-year [9]. Massachusetts casino foot traffic is up +7.5% in June compared to the same period last year [10]. These figures reflect the ongoing normalization of trends post-COVID, but also highlight the volatility in the monthly performance due to competition, renovations, and one less Saturday in the month.
In summary, New York currently has a thriving and rapidly growing online sports betting market marked by record handles and revenues, with ongoing legislative discussions that could lower the tax burden and expand the number of sportsbooks in the near future [1][2][5]. The market's growth and potential are undeniable, but the regulatory landscape remains a key factor to watch.
References: 1. CBS News 2. Legal Sports Report 3. FanDuel 4. DraftKings 5. PlayNY 6. Pennsylvania Gaming Control Board 7. Bloomberg 8. American Gaming Association 9. New Jersey Division of Gaming Enforcement 10. Massachusetts Gaming Commission
In the midst of this thriving online sports betting market in New York, the finance sector has witnessed significant growth, with the state generating $302 million in tax revenue in 2022. This remarkable growth has attracted the attention of various business entities, including casino-and-gambling giants, as they seek to establish a presence in this profitable industry.
