New York beats the $pread in Year One
$709M e-bet windfall real jackpot
New York gamblers used their phones to wager around $16 billion on sports in the first year of legal mobile gaming — netting Albany $709 million in taxes.
The state also got some $200 million in licensing fees since betting began on Jan. 8, 2022, making its windfall from the new gambling law the highest in the nation, according to Gov. Hochul’s office.
Officials said $5 million of the winnings would be used to fund sports programs for kids in need and $6 million would be spent on gambling addiction treatment — with the rest of the state jackpot allocated to fund education.
1 in 4 willing to wager
Some 3.8 million unique player accounts made more than 1.2 billion bets in the Empire State — meaning about one in four adult New Yorkers tried their luck online during the last year, according to the state’s statistics.
“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,” Hochul said in a statement.
“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.”
Nine mobile sportsbook operators are currently licensed with the state, with each required to post weekly betting reports.
Lawmakers and gaming officials were thrilled with the haul.
“It has been a remarkable, record setting first year for mobile sports betting in New York, with only nine professional operators,” said Queens Democratic state Sen. Joseph Addabbo, Jr.
“I’m grateful to have joined others in the state, putting
forth a product that New Yorkers deserved and I appreciate the significant benefits to our economy, in addition to educational, youth sports and addiction program funding.”
State Gaming Commission chair Brian O’Dwyer hailed the state for continuing to “break revenue and wagering records” — while promising that second year of mobile sports wagering will be done “in a safe and responsible manner.”
Treatment bonanza, too
The state’s Office of Addiction Services and Supports also was pleased with the public education and resources for “those who need them.”
“The additional revenue generated will help to ensure that we have a robust system of programs and services to address the needs of individuals, families, and communities across the state,” office head Chinazo Cunningham said in a statement. Unsurprisingly, betting apps were ecstatic about the boom. The nine licensed betting apps live had players betting roughly $10 billion at Caesars Sportsbook NY, DraftKings NY, FanDuel NY, BetMGM NY, BetRivers NY, PointsBet NY, Resorts World NY and WynnBET NY since a staggered launch Jan. 8, according to bookies.com. Mobile wagering is legal in 26 states and DC.