New York has made more than $500M in mobile sports betting since January
The state saw a record of tax revenue being collected in September
(WBNG) -- New York State has made more than a half billion dollars in mobile sports wagering tax revenue, Governor Kathy Hochul announced Wednesday.
Mobile sports betting opened in New York State in January 2022. Along with the collected $542 million in taxes through the week ending Oct. 30, the state also collected $200 million in licensing fees for a grand total of $740 million in revenue. Hochul’s office said most of the money will be used toward education.
Hochul said this is the largest collection of revenue from sports betting in the nation.
“By bringing sports wagering to New York, we have not only opened the door to responsible entertainment for millions of sports fans, but we have also brought in significant revenue to support schools, as well as youth sports while implementing important safeguards to help those who need it,” Governor Hochul said. “I’m proud of the work that has been done to secure our state’s top position in mobile sports wagering, and I am excited to continue the trend as we secure hundreds of millions of dollars to support programs that will improve the lives of New Yorkers.”
September saw a broken record for wagering tax revenue with $73 million being collected, the most of any state that allows mobile sports betting. The previous record was $63 million set in January also by New York State. The next highest belonged to Pennsylvania at $19 million in November 2021.
Major League Baseball was the most bet on sport since betting was allowed in New York. The MLB has taken $2.6 billion. The NBA has taken $2.5 billion. The NFL has taken $1.3 billion.
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/.
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