Governor Hochul announces that New York State has surpassed half a billion dollars in mobile sports betting tax revenue

Governor Kathy Hochul announced today that since early January when mobile sports betting became available in New York, the state has collected $542 million in taxes in the week ended October 30, far exceeding all other states in the nation . It also earned an additional $200 million in royalties, generating a total of more than $740 million in revenue, most of which is used for education. This far surpasses all other states in the nation, including those that have been accepting mobile sports betting for several years.

“By bringing sports betting to New York, we have not only opened the door to responsible entertainment for millions of sports fans, but we have generated significant revenue to support schools and youth sports, while taking important safety precautions to help those who do need it”, said Governor Hochul. “I’m proud of the work that has been done to keep our state at the forefront of mobile sports betting, and I look forward to continuing the trend as we secure hundreds of millions of dollars to support programs that change the lives of the New Yorkers will improve.”

New York state posted a record $73 million in mobile sports betting tax revenue in September, the highest of any state to date, beating its own record of $63 million set in January. For context, as of November 2021, Pennsylvania reportedly has the highest monthly mobile sports betting tax revenue outside of New York at $19 million.

New York State Gaming Commission Chairman Brian O’Dwyer said: “New York continues to lead the nation in sports betting thanks to Gov. Hochul’s passage of smart gaming policies that are delivering real, transformative results for New Yorkers. Sports betting revenue will be instrumental in supporting our schools, youth sports and responsible gaming programs.”

Chinazo Cunningham, commissioner of the New York State Office of Addiction Services and Supports said: “OASAS stands ready to provide services and support to New Yorkers struggling with problem gambling. This additional mobile sports betting revenue will enable OASAS to expand key prevention, treatment, harm reduction and recovery services statewide.”

State Senator Joseph P. Addabbo, Jr. said: “Since New York entered the mobile sports betting market in January, we have raised over $500 million in tax revenue. That’s an incredible achievement – especially in a span of just 10 months with just nine operators – with the majority of that money going to state education funds, gambling addiction programs and youth sports programs. With this great start, I look forward to greater potential to increase the benefits of mobile sports betting for New York residents as the NFL season in full swing, the start of the NHL and NBA seasons and the current World Series.”

Assembly Member Gary Pretlow said: “I’m delighted with the success of mobile sports betting in New York, but not surprised! When Senator Addabbo and I proposed the bill legalizing mobile sports betting in New York, we knew fans had an appetite for betting because they were crossing the river to bet in New Jersey. We have a robust New York sports market with multiple teams in every major sports league (NFL, NBA, NHL, and MLB). Our success was inevitable – that’s why we wanted to include as many entities and affiliates as possible. This endeavor has been a win for New Yorkers as we have generated millions in revenue for education and youth sports without turning a blind eye to responsible gaming programming.”

According to GeoComply, a software company used by sportsbooks to ensure geolocation requirements, more than 11.3 million unique player accounts have been created and nearly 985 million transactions completed since January.

Looking at a betting breakdown by sport since Jan. 8, 2022, Major League Baseball has taken in $2.6 billion and the NBA was not far behind with $2.5 billion. Football, the most popular sport in America, earned the NFL $1.3 billion in 10 weeks of the regular season and all playoffs in 2022. College football has grossed $406 million, including 2022 bowl games and the regular season so far. A final statistic highlighting the popularity of mobile pro football sports betting in New York state shows the average number of transactions on Sundays since the start of the 2022 season at 5.7 million.

For the week ended October 30, 2022, mobile sports betting totaled $13 billion with net education revenue of $527 million. For fiscal year 2023 and annually thereafter, mobile sports betting revenue will be allocated as follows: $5 million to fund sports programs for underserved youth, $6 million to fund education and treatment of problem gambling, and the remaining majority to support education .

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

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

source

Leave a Reply

Your email address will not be published. Required fields are marked *