ALBANY, N.Y. (NEWS10) — Numbers released on Friday by the New York State Gaming Commission show that in the course of just four weeks of legalizing mobile sports betting, the state made over $56 million in revenue.
“We are actually exceeding expectations by far,” explained Assemblyman Angelo Santabarbara. “Even any of the estimates were much much lower than this.”
Johnny Avello, Director of Race and Sports Operations for DraftKings, explained part of the success. “New York started getting at just the right time,” said Avello. “It was the first weekend of the NFL play offs that rolled over into the college football championship, then we have had other NFL playoffs games since then and now the Super Bowl so, their timing couldn’t have been better as far as opening and taking their first bet.”
According to the New York State Gaming Commission, not only will mobile sports wagering revenue be going towards education, but during this first fiscal year, 1% of the state tax imposed will be distributed to problem gambling education and treatment purposes. Another 1% of the state tax will be going towards underserved youth sports programs.
“Already, I have been told this revenue stream has $2.5 Million available for youth sports alone. That is in addition to all of the money that will be going for the education,” said Assemblymember Monica Wallace.
Wallace said next year, at least $5 million on top of that is expected to be allocated to youth sports. The Western New York Assemblymember added that already, other states are looking at creating a similar program. Wallace said this is so important for the overall wellbeing of kids.
“There are not only immediate results in terms of health and reduced rates of obesity, increased mental health, increased academic performance—all of those wonderful things initially, but also long term consequences over their lifetime. They have much more benefits in terms of being healthier and living healthier lives,” stated Wallace.
When it comes to problem gambling education and treatment, in 2023, $6 Million will be directed to those programs.