STATEN ISLAND, NY – Mobile sports betting has brought in a record amount of revenue for New York State in less than six months.
New York State has generated more than $267 million in bets since the New York State Gaming Commission gave the green light to mobile and online sports betting starting January 8, 2022.
Mobile betting accounted for $263 million; Sports betting at New York’s four commercial casinos has accounted for more than $4.3 million in total revenue since July 2019, Gov. Kathy Hochul’s office said after analyzing the state date.
In the five months since betting became legal, the state has collected more revenue than any other state in years. For example, Pennsylvania has generated $253 million since November 2018 and New Jersey has generated $229 million since June 2018, Hochul’s office said.
Since January, more than 2.7 million unique player accounts have been created and have made more than 620 million transactions.
“In less than six months, New York has become a leader among states in implementing successful gambling policies, with hundreds of millions of dollars going towards important programs that will improve the lives of all New- Yorkers,” Hochul said.
“I am committed to maintaining responsible and effective gambling policies that will move the industry forward and continue to drive our state’s economic growth,” she continued.
Tax revenues from mobile sports betting are reinvested in primary and secondary education and in grants for youth programs. The money will also be used for problem gambling prevention, treatment and recovery services.
An additional $200 million in licensing fees from the eight mobile sports betting platform providers have already been collected and earmarked for education, the state said.
“These numbers further prove that New York’s gambling industry is robust thanks to the implementation of effective gambling regulations and the actions of responsible sports betting operators. The results – hundreds of millions of dollars of revenue in less than six months of operation – speaks for itself,” said New York State Gaming Commission Executive Director Robert Williams.
Beginning in FY2023 and annually thereafter, mobile sports betting revenue will be allocated as follows: $5 million in funding for sports programs for underserved youth, $6 million in funding for education and treatment of problem gambling, and the remaining majority of revenue for education aid, the state said.
Online sports betting in the state was embraced during the administration of former Governor Andrew Cuomo. In the past, Cuomo was not in favor of legalizing mobile sports betting. But faced with an estimated $15 billion shortfall in the coming fiscal year due to the coronavirus (COVID-19), the former governor embraced the idea.
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