New York State has surpassed half a billion dollars in mobile sports wagering tax revenue

Saturday, November 12, 2022 at 10:30 a.m

In less than 10 months, the state has continuously destroyed tax revenue records

√ Tax revenues reinvested in education, grants for youth sports programs, and problem gambling prevention and recovery services

Earlier this week, Gov. Cathy Hochul announced that since the beginning of January – when mobile sports betting was available in New York – the state has collected $542 million in taxes (for the week ending Oct. 30), which “far exceeds” all other states. in the nation.

His team said, “An additional $200 million was collected in licensing fees, bringing the total to more than $740 million in revenue, much of which goes to education. This far exceeds all other states in the country, including states that have been accepting mobile sports betting for several years.”

Hochul said, “By bringing sports betting to New York, we’ve not only opened the door to responsible entertainment for millions of sports fans, but we’ve also generated significant revenue to support schools and youth sports while implementing critical safety measures. I am proud of the work that has been done to secure our state’s top position in mobile sports betting and am excited to continue the trend as we receive hundreds of millions of dollars to support programs. will improve the lives of New Yorkers.”

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Hochul’s team said, “New York State set a record $73 million in mobile sports tax revenue in September, the most of any state, breaking the record of $63 million set in January. According to reports, the highest monthly tax revenue from mobile sports betting outside of New York will be $19 million in November 2021 in Pennsylvania.

New York State Gaming Commission Chairman Brian O’Dwyer said, “New York continues to be the nation’s leader in sports betting thanks to Governor Hochul’s implementation of smart gaming policies that deliver real, transformative results for New Yorkers. Sports betting revenue will grow. Our provide critical support to schools, youth sports and responsible play programs.”

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New York State Addiction Services and Support Commissioner Chinazo Cunningham said, “OASAS is committed to providing services and support to New Yorkers struggling with gambling. This additional revenue from mobile sports betting allows OASAS to expand critical prevention, treatment, harm reduction provides recovery services across the state.”

More than 11.3 million unique player accounts have been created and nearly 985 million transactions have been made since January, according to GeoComply, a software firm used by sportsbooks to enforce geolocation claims.

Breaking down wagering by sport since Jan. 8, Major League Baseball has taken in $2.6 billion, with the NBA not far behind at $2.5 billion. For football, America’s most popular sport, the NFL received $1.3 billion for the 10 weeks of the regular season and all of the 2022 playoffs. College football received $406 million, which includes the 2022 bowl games and the current regular season. The latest statistics on the growing popularity of mobile football betting in New York State show the average number of Sunday transactions to 5.7 million since the start of the 2022 season.

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During the week ending October 30, mobile sports betting totaled $13 billion, with net education revenue of $527 million. For fiscal year 2023 and each year thereafter, mobile sports betting revenues will be allocated as follows: $5 million to fund sports programs for disadvantaged youth, $6 million to fund problem gambling education and treatment, and the remainder to aid education.

Every Friday, the NYS Gaming Commission publishes its weekly mobile sports betting reports for all of its operators online here.

The commission’s rules require operators to prevent minors from playing games, provide bettors with spending limits, and share information about gambling risks and signs of problem gambling. New Yorkers who are struggling with a gambling problem or know someone with a gambling problem can call the state’s toll-free, confidential HOPEline at 1-877-8-HOPENY (1-877-846-7369) or text HOPENY (467369) . New Yorkers can also contact the Regional Problem Gambling Resource Center at: https://nyproblemgamblinghelp.org/.

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