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Mobile sports wagering generated $862 million for New York in second year of operation


Sat, Jan 13th 2024 10:55 am

NYS: Tax revenue funds education, youth sports programming and problem gambling prevention treatment and recovery services

√ More than $19 billion wagered on sports

Upon the two-year anniversary of mobile sports wagering in New York State, Gov. Kathy Hochul on Friday announced the state has collected more than $1.55 billion in taxes on such bets, most of it to be used for education.

Her team said, “Last year’s $862 million, when added to $693 million as well as $200 million in licensing fees collected in 2022, brings the total generated revenue to $1.75 billion, which has shattered national records for mobile sports wagering.”

Hochul said, "Over the last two years, New York is the clear leader in providing responsible entertainment for millions while bringing in record-shattering revenue for education, youth sports, and problem gambling prevention. I look forward to this third year of our successful gaming policies that deliver top-tier mobile sports wagering experiences. We will continue to generate revenue that will enrich the lives of New Yorkers, all with important safeguards in place to help those who need it."

The press release explained, “Since the U.S. Supreme Court struck down the Professional and Amateur Sports Protection Act in May of 2018, New York state ranks third in overall handle – the total amount of dollars wagered – among states. New Jersey is first with $44.2 billion, Nevada is second with $36 billion. New York’s $35.7 billion is a close third but, while New Jersey and Nevada have offered mobile sports wagering for 5½ and 11 years respectively, New York has offered it for just two. During that time, New York state has nine of the top 10 all-time U.S. monthly sports wagering handles, with New Jersey occupying ninth on that list for November of 2023.”

New York State Gaming Commission Chairman Brian O'Dwyer said, "The record-breaking numbers speak for themselves: Gov. Hochul’s smart gaming policies continue to generate billions of dollars for our schools, youth sports and responsible gambling programs. The Gaming Commission looks forward to another beneficial year for New York and will continue to uphold the integrity of all regulated gaming in the state."

New York State Office of Addiction Services and Supports Commissioner Chinazo Cunningham said, “This funding is supporting our ongoing work to educate the public about responsible gambling, as well as increase access to help and support for those affected by problem gambling. We are continuing our efforts with our partners, including the Gaming Commission, to ensure that all New Yorkers can access the important resources they need in communities across New York state.”

According to GeoComply, a software firm used by sports books to ensure geolocation requirements, more than 5.6 million unique sports betting accounts have been created since launch in January of 2022, conducting more than 2.6 billion transactions.

The two-year anniversary of mobile sports wagering in New York state was Monday, Jan. 8. Through Jan. 7, the total mobile sports wagering handle reached $35.7 billion and generated a total net revenue to education of $1.57 billion.

The top four sports have accounted for over $11.1 billion in mobile sports wagering handle: NFL $2,994,128,825; MLB $3,285,822,760; NBA $3,679,461,779; and NCAA football $1,114,178,066.

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, with the remaining majority to fund education aid.

Every Friday, the NYS Gaming Commission publishes weekly mobile sports wagering reports from all licensed operators online here.

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).

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