Sports betting in New York generates more revenues for the state than ANY other state. So why are commercial operators so unhappy?
Sports betting in New York generates more revenues for the state than ANY other state. So why are commercial operators so unhappy?
You need to scroll down to read BOTH stories to find out …
Mobile sports betting has hit it big in New York. On Tuesday, Gov. Kathy Hochul announced that after five months of mobile betting, New York State has collected the most tax revenue from sports betting out of any state.
$263 million in tax revenue has reportedly been collected in under six months, according to New York State data. This is more than any other state has collected even over several years, according to data from Legal Sports Report.
The $263 million collected in under six months well outpaces what other states have collected. Since November 2018, Pennsylvania collected $253 million in sports wagering revenue. New Jersey generated $229 million since June 2018.
This amount is also significantly higher than revenue generated by commercial casinos since 2019. New York State data reports that $4.3 million has been generated since July 2019, totally $267 million collected in tax revenue since sports betting became legal in the state.
"In less than half a year, New York has become a leader among states in implementing successful gaming policies, with hundreds of millions of dollars going to important programs that will improve the lives of all New Yorkers," Hochul said. "I am committed to upholding responsible and effective gaming policies that will move the industry forward and continue to drive our state's economic growth."
The revenue from sports betting will go towards education, youth sports programming grants, as well as problem gambling prevention treatment and recovery services.
"These numbers further prove that New York's gaming industry is robust thanks to the implementation of effective gaming regulation and the actions of responsible sports wagering operators. The results — hundreds of millions of dollars in revenue in less than six months of operation — speak for themselves," said New York State Office of Addiction Services and Supports Commissioner Chinazo Cunningham.
In addition to collecting tax revenue from wagers, the state has collected $200 million in license fees from eight sports betting platforms.
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Gov. Hochul: New York's mobile sports betting brings in record tax revenue
Gov. Kathy Hochul says New York's mobile sports betting is bringing in record amounts of tax revenue.
The betting started in January.
In fewer than six months, New York has collected $263 million in tax revenue, which is more than any other state.
New York says the money will be reinvested in education, grants for youth sports and treatment services for problem gambling.
https://www.cbsnews.com/newyork/news/new-york-mobile-sports-betting-tax-revenue/
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New York is one state where the profit of the commercial operators takes a back-seat to channeling economic benefit to the citizens of the state
Can NY Sports Betting Ops Solve Profit Problem They Helped Create?
CLICK ON THIS LINK TO READ WHY
https://www.legalsportsreport.com/70547/will-ny-sports-betting-ever-make-any-money/