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New York sees $542M in taxes, $13B in handle since mobile sports betting launch in January – Yogonet International
New York Governor Kathy Hochul’s office announced Wednesday that, since early January, when mobile sports wagering became available, the state has collected $542 million in taxes through the week ending October 30, “far surpassing every other state in the country.” The state has also seen mobile sports wagering handle of $13 billion.
An additional $200 million in licensing fees have been collected, generating a total of more than $740 million in state revenue, most of it to be used for education. The Governor’s office statement points out that this “far outperforms every other jurisdiction in the nation,” including those that have been accepting mobile sports wagers for several years.
“By bringing sports wagering to New York, we have not only opened the door to responsible entertainment for millions of sports fans, but we have also brought in significant revenue to support schools, as well as youth sports, while implementing important safeguards to help those who need it,” Hochul stated.
“I’m proud of the work that has been done to secure our state’s top position in mobile sports wagering, and I am excited to continue the trend as we secure hundreds of millions of dollars to support programs that will improve the lives of New Yorkers,” she added.
During September, New York set a record of $73 million in mobile sports wagering tax revenue, the most generated by any state to date, breaking its own record of $63 million set in January. According to reports, the highest monthly mobile sports wagering tax revenue generated outside of New York is Pennsylvania, in November 2021, at $19 million.
According to GeoComply, a software firm used by sportsbooks to ensure geolocation requirements, more than 11.3 million unique player accounts have been created since January, conducting nearly 985 million transactions.
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Looking at a breakdown of wagers by sport since January 8, 2022, MLB has taken in $2.6 billion and the NBA fell shortly behind with $2.5 billion. The NFL took in $1.3 billion with over 10 regular season weeks and all of the 2022 playoffs. College football has seen $406 million. Through the week ending October 30, 2022, the mobile sports wagering handle is $13 billion with net revenue to education of $527 million.
For FY 2023 and annually thereafter, 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, and the remaining majority to education aid.
New York State Gaming Commission Chairman Brian O’Dwyer said: “New York continues to lead the nation in sports wagering thanks to Governor Hochul’s enacting of smart gaming policies that deliver real, transformative results for New Yorkers.” O’Dwyer added that the revenue generated from sports wagering will provide critical support to our schools, youth sports and responsible gaming programs.
State Senator Josepth P. Addabbo, Jr.
State Senator Joseph P. Addabbo, Jr. added: “Since New York entered the mobile sports betting market back in January, we have collected over $500 million in tax revenue. That is an incredible achievement – especially in only a 10-month timespan with only nine operators – with the majority of this money going towards the state’s educational coffers, gaming addiction programs, as well as youth sports programs.”
“With this great start, I look forward to a greater potential for increasing the benefits of mobile sports betting for the residents of New York with the NFL season in full swing, the NHL and NBA seasons getting underway and the current World Series,” he concluded.
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