ALBANY — Two years of mobile sports wagering in New York has generated more than $1.55 billion in taxes for the state, Gov. Kathy Hochul’s office announced.
Last year’s $862 million is added to $693 million as well as $200 million in licensing fees collected in 2022, resulting in the $1.75 billion figure, which shatters national records for mobile sports betting. Most of the revenues are used to fund education in the state.
”Over the last two years, New York is the clear leader in providing responsible entertainment for millions while bringing in record-shattering revenue for education, youth sports, and problem gambling prevention,” Hochul said. “I look forward to this third year of our successful gaming policies that deliver top tier mobile sports wagering experiences. We will continue to generate revenue that will enrich the lives of New Yorkers, all with important safeguards in place to help those who need it.”
Since the U.S. Supreme Court struck down the Professional and Amateur Sports Protection Act in May of 2018, New York state ranks third in overall dollars wagered among states. New Jersey is first with $44.2 billion, Nevada is second with $36 billion.
New York’s $35.7 billion is a close third but while New Jersey and Nevada have offered mobile sports wagering for 5 1/2 and 11 years, respectively, New York has offered it for just two. During that time, New York state has nine of the top 10 all-time U.S. monthly sports wagering figures, with New Jersey occupying ninth on that list for November.
State Gaming Commission Chairman Brian O’Dwyer said the record-breaking numbers “speak for themselves: Gov. Hochul’s smart gaming policies continue to generate billions of dollars for our schools, youth sports and responsible gambling programs. The Gaming Commission looks forward to another beneficial year for New York and will continue to uphold the integrity of all regulated gaming in the state.”
According to GeoComply, a software firm used by sports books to ensure geolocation requirements, more than 5.6 million unique sports betting accounts have been created since launch in January 2022, conducting more than 2.6 billion transactions.
The two-year anniversary of mobile sports wagering in New York State was Jan. 8. Through Jan. 7, the total mobile sports wagering handle reached $35.7 billion and generated a total net revenue to education of $1.57 billion.
The top four sports have accounted for more than $11.1 billion in mobile sports wagering handle: NFL at nearly $3 billion; Major League Baseball at nearly $3.2 billion; NBA at nearly $3.7 billion; and college football at more than $1.1 billion.
Revenues from mobile sports wagering are distributed as follows: $5 million to fund sports programs for underserved youths, $6 million to fund problem gambling education and treatment, with the remaining majority to fund education aid.
https://www.oleantimesherald.com/news/mobile-sports-betting-generated-862m-for-ny-in-2nd-year/article_6c39d0ce-bfa6-11ee-8fc6-835eaec17e71.html