Disruption

Sports betting tax revenue spikes as more states open doors

It raised more than $1.8 billion for state and local governments last fiscal year.

Sophie Quinton

06:02 AM, Oct 09, 2023

Kentucky Gov. Andy Beshear (D) stands in front of sports betting kiosks at Churchill Downs in Louisville, Ky., Thursday, Sept. 7, 2023. (AP Photo/Bruce Schreiner)

State sports betting revenues more than doubled last fiscal year, as the legal market expanded, sportsbooks won more bets, and some states limited a key tax deduction.

Sports betting taxes raised over $1.8 billion for state and local governments in Fiscal Year 2023, up from $794 million in FY 2022, according to a Pluribus News review of data collected by Legal Sports Report, an industry news site that tracks sports betting revenue. Most states end their fiscal years on June 30.

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