New York Passes $300M In Sports Betting Taxes

New York Governor Kathy Hochul announced July 8 that in under six months of operation, New York’s mobile sports wagering has generated more than $302 million in tax revenue since January 8, 2022.

New York has collected more in mobile sports wagering revenue in six months than the total sports wagering revenue that any other state has generated. Some states kicked off sports betting as early as 2018.

Through May 2022, Pennsylvania has collected $265.6 million in sports wagering tax revenue since launch in November 2018, and New Jersey has generated $237.1 million since its launch in June 2018.

The entire tax revenue amount in the Empire State is directed for education aid, youth sports, and responsible gaming programs. Education receives the bulk of it.

“In just six months, 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,” Governor Hochul said in a statement. “The recent launch of New York’s final sports wagering operator will provide key revenue for education, youth sports programs, and problem gambling support. I look forward to continuing to enact responsible gaming policies that provide exciting entertainment for New Yorkers of legal age – all with important safeguards in place to help those who need it.”

In January, New York State projected $249 million in mobile sports wagering tax revenue (including $200 million in already-collected license fees) in FY 2022, while total collections were $361 million (including the $200 million in license fees).

The State has collected $25 million in license fees from eight mobile sports wagering platform providers, totaling an additional $200 million to the State. Additionally, the ninth and final operator in New York State, Bally Bet, was authorized to accept wagers on July 7.

State Senator Joseph Addabbo, who sponsored New York’s sports betting law, said that “New York State has already exceeded all expectations by outperforming any of our competition in the mobile sports wagering arena in just a short six-month period,” adding that it is “because we provide the solid New York fanbase with high-quality mobile betting from dedicated providers, who make it a priority to give customers a top-of-the-line experience on their apps.”

According to GeoComply, a software firm used by sports books to ensure geolocation requirements, more than 2.9 million unique player accounts have been created in New York since January. Those accounts have conducted nearly 707 million transactions.

 

 

 

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