NY Mobile sports betting generates $909 million in net tax revenue
ALBANY — A year after mobile sports betting began in New York state, more than $16 billion in bets have been placed, resulting in nearly $1 billion in state revenue, Gov. Kathy Hochul’s office announced Friday.
The state has collected a nation-leading $709.2 million in taxes on mobile sports bets and an additional $200 million in licensing fees, generating over $909 million in total revenue 12 months after the first mobile bets were placed. The revenue is mostly used to fund education, but also supports youth sports programing and gambling education and treatment programs, according to the governor’s office.
“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,” Hochul said in a press release. “I look forward to another year of delivering top tier mobile sport wagering experiences that generate revenue to enrich the lives of New Yorkers across the state.”
Since mobile sports betting began last year, the state has recorded more than 3.8 million unique player accounts, which conducted over 1.2 billion transactions.
The result has been a total handle of $16.5 billion through Jan. 8, according to the Governor’s Office, which equates to $709 million in new education aid.
An additional $5 million in revenue will be allocated to fund youth sports programs and $6 million will be set aside to fund gambling education and treatment programs at the end of each fiscal year, or March 31.
“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,” Chinzao Cunningham, commissioner of the state’s Office of Addiction Services and Supports, said in a release.
US sports betting revenue: All states
https://www.legalsportsreport.com/sports-betting/revenue/
HOW MUCH REVENUE WAS GENERATED BY THE NEW YORK STATE LOTTERY ?
New York’s lottery ending the 2021-2022 fiscal year with $3.6 billion.
The counties with the highest lottery aid to education are New York City, Suffolk, Erie, Monroe, Nassau, and Onondaga.
All the money goes to the state’s public K-12 schools as the New York Constitution requires. The same formula used to distribute other state aid is also applied to lottery profits so that larger, lower-income school districts receive proportionally larger shares. New York City received the largest amount for the 2021-2022 fiscal year: $1.26 billion.
The New York Lottery has earned $78.7 billion to support education statewide since 1967, including $3.6 billion in the fiscal year 2021-22, according to the New York Lottery Aid to Education.
The amount of funds dispersed by the State Education Department as Lottery Aid is reportedly based upon estimated earnings at the time of budget passage. If the Lottery earnings exceed budget estimates, then additional funds become part of the next year’s Lottery Aid distribution.
In 2023, $60.1 million is projected by the New York State Gaming Commission Division of Lottery to be transferred to the Lottery Education Fund leaving a balance of $109.5 million on March 31, 2023.
https://www.localsyr.com/news/what-does-new-york-state-do-with-their-millions-from-lotto-ticket-sales/