New York Collects $263M In Taxes From Online Sports BettingState Raking In Most Revenue In Nation From Activity |
|
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 an announcement from the state, New York has generated over $267 million in tax revenue from sports wagering since January 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.
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 November 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,” Gov. Kathy Hochul said in a statement. “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.”
New York State Gaming Commission Executive Director Robert Williams said, “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 state also collected $25 million in license fees from eight mobile sports wagering platform providers, totaling an additional $200 million.
“New Yorkers have proven that we were ready for sports betting […] and we are no longer the broken-down, wobbly-wheeled car in the right lane watching other states pass us by, but are now the shiny, revved-up sports car in left lane passing everyone else by,” said State Senator Joseph Addabbo, Chair of the Senate Racing, Gaming and Wagering Committee.
Assemblymember Gary Pretlow, Committee Chair on Racing and Wagering, commented: “Back in March I was quoted as saying, ‘We are well on the way to being the sports betting capital of the world.’ Mobile sports betting is an economic engine for New York. I am ecstatic with the revenue that has been generated for education, youth sports and problem gambling.”
According to GeoComply, a software firm used by sportsbooks to ensure geolocation requirements, over 2.7 million unique player accounts have been created since January, conducting more than 620 million transactions.
Copyright © 2001-2024
CardPlayer.com. All rights reserved.
