Featured News - Current News - Archived News - News Categories

Metro Creative Graphics
Metro Creative Graphics

Hochul announces New York's record-setting sports wagering tax revenue


Tue, May 31st 2022 01:25 pm

After only 5 months of mobile sports wagering, state has collected $267 million in tax revenue – more than any other

√ Tax revenue reinvested in education, grants for youth sports programming and problem gambling prevention treatment and recovery services

Gov. Kathy Hochul announced New York's recently launched mobile sports wagering has generated a record-breaking amount of tax revenue in less than six months, surpassing states that have offered sports wagering for years. According to New York data, the state has generated over $267 million from sports wagering since January. Mobile sports wagering accounted for $263 million since Jan. 8, and sports wagering at New York's four commercial casinos made up $4.3 million of total revenue since July 2019. According to reports, New York has collected more in sports wagering revenue in five months than the total revenue any other state has generated over several years. This includes Pennsylvania, which has collected $253 million in sports wagering revenue since November 2018; and New Jersey, which has generated $229 million since June 2018.

"In less than half a year, New York has become a leader among states in implementing successful gaming policies, with hundreds of millions of dollars going to important programs that will improve the lives of all New Yorkers," Hochul said. "I am committed to upholding responsible and effective gaming policies that will move the industry forward and continue to drive our state's economic growth."

New York State Gaming Commission Executive Director Robert Williams said, "These numbers further prove that New York's gaming industry is robust thanks to the implementation of effective gaming regulation and the actions of responsible sports wagering operators. The results – hundreds of millions of dollars in revenue in less than six months of operation – speak for themselves."

Hochul’s team said, “With the advent of mobile sports wagering, the New York State Gaming Commission, its partners in the Responsible Play Partnership, and gaming venues have engaged in proactive, informational events and outreach to encourage responsible gambling.”

NYS Office of Addiction Services and Supports Commissioner Chinazo Cunningham said, "OASAS stands ready with services and supports for New Yorkers struggling with problem gambling. The added revenue from mobile sports betting will allow OASAS to further enhance prevention, treatment, recovery and harm reduction services for individuals or their family members who experience harms from gambling."

New York's mobile sports wagering tax revenue will be reinvested into elementary and secondary education and grants for youth sports programming, along with problem gambling prevention, treatment, and recovery services. Additionally, the state has collected $25 million in license fees from eight mobile sports wagering platform providers, totaling an additional $200 million to the state. All of the license fees revenue has already been directed to education.

New York State Sen. Joseph P. Addabbo, Jr., chair of the Senate Racing, Gaming and Wagering Committee, said, "New Yorkers have proven that we were ready for sports betting, including its mobile component, and we are no longer the broken-down, wobbly wheeled car in the right lane watching other states pass us by, but are now the shiny, revved-up sports car in left lane passing everyone else by. The fact that we have already surpassed all other states in revenue in less than six months is a testament to the quality of the dedicated work to provide a credible product for the residents of New York. This record amount of tax revenue is already being invested in our schools, our youth sports programs and New York's problem gaming services. I look forward to an even brighter future for sports betting, working towards realizing even more funding and jobs for our state through gaming."

Assemblymember Gary Pretlow, committee chair on racing and wagering, said, "Back in March, I was quoted as saying, ‘We are well on the way to being the sports betting capital of the world.’ Mobile sports betting is an economic engine for New York. I am ecstatic with the revenue that has been generated for education, youth sports and problem gambling."

According to GeoComply, a software firm used by sports books to ensure geolocation requirements, over 2.7 million unique player accounts have been created since January, conducting more than 620 million transactions.

For fiscal year 2023 and annually thereafter, revenues from mobile sports wagering will be 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.

Every Friday, the NYS Gaming Commission publishes weekly mobile sports wagering reports online.

The commission's regulations require operators to prevent underage gaming, provide bettors the availability to impose spending limits, and share information on gambling risks and signs of problem gambling. New Yorkers who are struggling with a gambling problem or know someone with a gambling problem can call the state's toll-free, confidential HOPEline at 1-877-8-HOPENY (1-877-846-7369) or text HOPENY (467369). New Yorkers can also contact the Regional Problem Gambling Resource Center at https://nyproblemgamblinghelp.org/.

Hometown News

View All News