New York raises $900 million from sports betting
New York continues to lead the nation in sports betting thanks to a healthy tax rate.
In celebration of the first anniversary of mobile sports betting in New York State, Governor Kathy Hochul announced that the state has collected more than $709.2 million in sports betting taxes, a figure that leads the nation.
An additional $200 million in licensing royalties was also raised, generating a total of more than $909 million in revenue.
“In just one year, New York has become a national leader in providing responsible entertainment to millions of people, generating record revenues for education, youth sports and problem gambling prevention,” said the Governor Hochul. “I look forward to another year of delivering premium, revenue-generating mobile sports betting experiences to enrich the lives of New Yorkers across the state.”
“It’s been an extraordinary and record-breaking first year for mobile sports betting in New York City, with only nine professional operators,” said State Senator Joseph Addabbo, Jr..
“I am grateful to have joined others in the state in bringing forth a product that New Yorkers deserved. I appreciate the significant benefits to our economy, as well as funding for education, youth sports and the addiction program. I look forward to the professional efforts of the Hochul Administration, the Commission on Gambling and my legislative colleagues that New Yorkers can expect their state to continue to provide the best mobile sports betting product in this highly competitive arena, for many years to come.”
According to GeoComply, a software company used by sportsbooks to ensure geolocation requirements, more than 3.8 million unique player accounts have been created since launch in January 2022, conducting more than 1.2 billion transactions.
The one-year anniversary of mobile sports betting in New York State was last Sunday, January 8, 2023. Through January 7, the total mobile sports betting handle reached $16,595,732,482 and generated a total net income for education of $709,247,358.
Only $6 million goes to fund education and treatment for problem gambling.
New York is one of more than 30 states in the country with some form of sports gambling.