Sat, 12.11.2022 10:30 a.m
In less than 10 months, the state has consistently broken tax records
√ Tax revenues reinvested in education, grants for youth sports programs, and treatment and recovery services to prevent gambling addiction
Earlier this week, Gov. Kathy Hochul announced that since early January – when mobile sports betting became available in New York – the state has collected $542 million in taxes (through Oct. 30), “far exceeding every other state “. in the nation.
Her team said: “An additional $200 million in royalties was also raised, generating a total of more than $740 million in revenue, most of which is used for education. This far surpasses any other state in the nation, including those that have accepted mobile sports betting for several years.”
Hochul said: “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 also generated significant revenue to support schools and youth sports while maintaining important safety precautions I am 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 that trend as we secure hundreds of millions of dollars to support programs that make a difference in the lives of New Yorkers to enhance.”
Hochul’s team said, “New York State raked in a record $73 million in mobile sports betting tax revenue in September, the highest revenue of any state to date, beating its own record of $63 million set in January Broken. For comparison, 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 Governor Hochul’s passage of smart gaming policies that are delivering real, transformative results for New Yorkers. Sports betting revenue will provide important support to our schools youth sports and responsible gaming programs.”
New York State Office of Addiction Services and Support Commissioner Chinazo Cunningham 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 provide critical prevention, treatment, harm reduction and recovery services across the country.”
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, 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, mobile sports betting was $13 billion with net earnings for education of $527 million. For fiscal year 2023 and beyond, 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 for educational assistance.
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/.
