Governor Hochul Announces Mobile Sports Wagering Generated $909 Million for New York State in First Year of Operation
Tax Revenue Funds Education, Youth Sports Programming and Problem Gambling Prevention Treatment and Recovery Services
More Than $16 Billion Wagered on Sports in New York State in First Year of Operation
ALBANY, NEW YORK (January 13, 2024) — Upon the one-year anniversary of mobile sports wagering in New York State, Governor Kathy Hochul today announced the State has collected more than $709.2 million in taxes on such bets, a figure that leads the nation. An additional $200 million in licensing fees has also been collected, generating a total of more than $909 million in revenue, most of it to be used for education.
“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,” Governor Hochul said. “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.”
New York State Gaming Commission Chairman Brian O’Dwyer said, “Thanks to Governor Hochul’s leadership and the enactment of smart and responsible gaming policies, New York continues to break revenue and wagering records. As we enter the second year of mobile sports wagering in New York State, the Gaming Commission will continue to ensure that such betting is conducted in a safe and responsible manner.”
New York State Office of Addiction Services and Supports Commissioner Chinazo Cunningham said, “OASAS appreciates the ongoing partnership with the Gaming Commission to educate the public about responsible gambling and to provide 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.”
State Senator Joseph P. Addabbo, Jr. said, “It has been a remarkable, record setting 1st year for Mobile Sports Betting in New York, with only 9 professional operators! 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. I look forward with a vision of optimism that through the professional efforts of the Hochul Administration, the Gaming Commission and my legislative colleagues, New Yorkers can expect their state to continue to provide the best mobile sports betting product, in this highly competitive arena, for many years to come.”
Assemblymember Gary Pretlow said, “Mobile sports betting generated $709 million in taxes in just one year for essential programs such as Education, Youth Sports, and Problem Gambling related services. This is just the beginning, and I look forward to mobile sports betting generating more revenue for years to come.”
According to GeoComply, a software firm used by sports books to ensure geolocation requirements, more than 3.8 million unique player accounts have been created since launch in January of 2022, conducting over 1.2 billion transactions.
The one-year anniversary of mobile sports wagering in New York State was last Sunday, January 8, 2023. Through January 7, the total mobile sports wagering handle reached $16,595,732,482 and generated a total net revenue to education of $709,247,358.
For Fiscal Year 2023 (April 1, 2022 through March 31, 2023) and annually thereafter, 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 of its 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). New Yorkers can also contact the Regional Problem Gambling Resource Center at: https://nyproblemgamblinghelp.org/.
SOURCE: Office of Governor.Tags: New York, Governor Hochul, sports betting revenue