Hochul announces tax revenue generated from sports wagering

Gov. Kathy Hochul announced that 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 state data, the state has generated more than $267 million from sports wagering since Jan. 2022. 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 Nov. 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 in a news release. “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.”

“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,” New York State Gaming Commission Executive Director Robert Williams 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.

“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 State Office of Addiction Services and Supports Commissioner Chinazo Cunningham commented.

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.

According to GeoComply, a software firm used by sportsbooks to ensure geolocation requirements, more than 2.7 million unique player accounts have been created since Jan., 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 (1-877846-7369) or text HOPENY (467369). New Yorkers can also contact the Regional Problem Gambling Resource Center at: https:// nyproblemgamblinghelp. org/