You Can Bet On That, New York Announces Record Setting Sports Wagering Tax Revenue
New York State's sports betting industry is breaking records in tax revenue.
New York's recently launched mobile sports wagering has generated a record-breaking amount of tax revenue in less than six months.
New York has generated over $267 million from sports betting since January, surpassing states that have offered sports wagering for years.
That 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.
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.
"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," Governor Kathy Hochul said. "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."
With the advent of mobile sports wagering, the New York State Gaming Commission, its partners in the Responsible Play Partnership, and gaming venues have engaged in proactive, informational events and outreach to encourage responsible gambling.
New York's mobile sports wagering tax revenue will be reinvested into elementary and secondary education and grants for youth sports programming, along with problem gambling prevention, treatment, and recovery services.
Additionally, the state has collected $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.