Mobile sports betting brings in over $900 million in first year in New York

Mobile sports betting brings in over $900 million in first year in New York

Tax revenue from mobile sports betting funds education, youth sports programming, and problem gambling prevention, treatment, and recovery services.

NEW YORK – After a year of mobile sports betting in New York State, Governor Kathy Hochul announced Friday that the state has collected more than $709.2 million in taxes on such bets, the highest in the country.

New York also collected an additional $200 million in license fees, bringing the total to more than $909 million in revenue, most of it for education.

“In just one year, New York has become a national leader in providing responsible entertainment to millions of people, while generating unprecedented revenue for education, youth sports and problem gambling prevention,” he said. Governor Hochul. “I look forward to another year of delivering top-tier, revenue-generating mobile sports betting experiences to enrich the lives of New Yorkers across the state.”

According to GeoComply, a software company used by sportsbooks to ensure geolocation requirements, more than 3.8 million unique player accounts have been created since its launch in January 2022, making more than 1.2 billion transactions.

The first anniversary of mobile sports betting in New York State was last Sunday, January 8, 2023. As of January 7, total mobile sports betting handling reached $16,595,732,482 and generated total net income for education of $709,247,358.

“Thanks to Governor Hochul’s leadership and the enactment of smart and responsible gaming policies, New York continues to break revenue and gambling records,” said New York State Gaming Commission Chairman Brian O’Dwyer. “As we enter the second year of mobile sports betting in New York State, the Gaming Commission will continue to ensure that such bets are conducted in a safe and responsible manner.”

For fiscal year 2023 (April 1, 2022 to March 31, 2023) and annually thereafter, mobile sports betting revenue is distributed as follows:

  • $5 million to fund sports programs for underserved youth,
  • $6 million to fund problem gambling education and treatment,
  • with the majority remaining to fund education aid.

Every Friday, the New York State Gaming Commission publishes weekly mobile sports betting reports from all of its online operators here.

Melissa Galbraith
Melissa Galbraith is the World News reporter for Globe Live Media. She covers all the major events happening around the World. From Europe to Americas, from Asia to Antarctica, Melissa covers it all. Never miss another Major World Event by bookmarking her author page right here.