New York Collects $900M From Sports Betting

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HochulNew York continues to lead the nation in sports betting due to a healthy tax rate.

Upon the one-year anniversary of mobile sports wagering in New York State, Governor Kathy Hochul announced the state has collected more than $709.2 million in taxes on sports bets, a figure that leads the nation.

An additional $200 million in licensing fees has also been collected, 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 for millions while bringing in record-shattering revenue for education, youth sports, and problem gambling prevention,” Governor Hochul said. “I look forward to another year of delivering top tier mobile sports wagering experiences that generate revenue to enrich the lives of New Yorkers across the state.”

“It has been a remarkable, record-setting first year for Mobile Sports Betting in New York, with only nine professional operators,” State Senator Joseph Addabbo, Jr. said.

“I’m grateful to have joined others in the state, putting forth a product that New Yorkers deserved. I appreciate the significant benefits to our economy, in addition to educational, youth sports and addiction program funding. I look forward with a vision of optimism that through the professional efforts of the Hochul Administration, the Gaming Commission and my legislative colleagues, 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 firm used by sportsbooks to ensure geolocation requirements, more than 3.8 million unique player accounts have been created since launch in January of 2022, conducting over 1.2 billion transactions.

The one-year anniversary of mobile sports wagering in New York State was last Sunday, January 8, 2023. Through January 7, the total mobile sports wagering handle reached $16,595,732,482 and generated a total net revenue to education of $709,247,358.

A mere $6 million goes to fund problem gambling education and treatment.

New York is one of more than 30 states in the country with some form of sports gambling.