NEW YORK (WWTI) — Mobile sports betting was launched in New York in January, and since then the state has generated a record-breaking amount of tax revenue.
According to New York State data, mobile sports wagering accounted for $263 million since January 8, and sports wagering at New York’s four commercial casinos made up $4.3 million of total revenue since July 2019. According to reports, the state collected more revenues from sports wagering in five months than the total revenue any other state has generated over several years.
Gov. Kathy Hochul stressed the importance of sports wagering on the financial stability of New York. “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,” she 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.”
According to the Hochul’s Office, the tax revenue will be reinvested in education, grants for youth sports programming, and problem gambling prevention treatment and recovery services. The state collected another $25 million in license fees from eight mobile sports wagering platform providers, totaling an additional $200 million to the state. All of the license fees revenue has already been directed to education.
Starting in Fiscal Year 2023, officials said that revenues from mobile sports wagering will be distributed as follows:
- $5 million to fund sports programs for underserved youths
- $6 million to fund problem gambling education and treatment
- Remainder for education aid
The New York State problem gambling and chemical dependency HOPEline is available 24/7 to callers throughout New York State experiencing substance abuse and problem gambling. HOPEline services are free and confidential. For help, call 1-877-8-HOPENY (467369) or text HOPENY(467369).