New York State Governor Kathy Hochul has announced that the state has collected over $709.2 million in taxes from mobile sports betting from over $16 billion in wagers.
In a statement released today, Gov. Hochul also revealed that the state has collected $200 million in licensing fees. This means that the state has benefitted by more than $909 million thanks to the launch of mobile sports betting. The majority of this windfall is to be used for education.
Speaking following the release of the data, Gov Hochul said:
“In just one year, New York has become a national leader in providing responsible entertainment for millions while bringing in record-shattering revenue for education, youth sports, and problem gambling prevention. I look forward to another year of delivering top tier mobile sports wagering experiences that generate revenue to enrich the lives of New Yorkers across the state.”
New York State Gaming Commission Chairman Brian O’Dwyer added:
“Thanks to Governor Hochul’s leadership and the enactment of smart and responsible gaming policies, New York continues to break revenue and wagering records. As we enter the second year of mobile sports wagering in New York State, the Gaming Commission will continue to ensure that such betting is conducted in a safe and responsible manner.”
New York State Office of Addiction Services and Supports Commissioner Chinazo Cunningham went on to note:
“OASAS appreciates the ongoing partnership with the Gaming Commission to educate the public about responsible gambling and to provide resources for those who need them. The additional revenue generated will help to ensure that we have a robust system of programs and services to address the needs of individuals, families, and communities across the state.”
State Senator Joseph P. Addabbo, Jr. said:
“It has been a remarkable, record setting 1st year for Mobile Sports Betting in New York, with only 9 professional operators! I’m grateful to have joined others in the state, putting forth a product that New Yorkers deserved and I appreciate the significant benefits to our economy, in addition to educational, youth sports and addiction program funding. I look forward with a vision of optimism that through the professional efforts of the Hochul Administration, the Gaming Commission and my legislative colleagues, New Yorkers can expect their state to continue to provide the best mobile sports betting product, in this highly competitive arena, for many years to come.”
According to GeoComply, more than 3.8 million unique player accounts were created since mobile sports betting in New York launched in January of 2022. And those accounts were responsible for over 1.2 billion transactions.
The actual figure for mobile sports wagers accepted through the first year of operation was $16,595,732,482 which generated a total net revenue to education of $709,247,358.
Ciaran has been working within the Gambling Industry as a deep analyst since 2019. His deep knowledge and understanding of all the gambling regulations, and processes makes him a true asset, and an always valuable point of view for Gambling Industry News, allowing us to cover every topics from a brand new perspective.