After Only 5 Months of Mobile Sports Wagering, New York has Collected $267 Million in Tax Revenue - More than Any Other State
Tax Revenue Reinvested in Education, Grants for Youth Sports Programming and Problem Gambling Prevention Treatment and Recovery Services
Governor Kathy Hochul today announced that New York's recently launched mobile sports wagering has generated a record-breaking amount of tax revenue in less than six months, surpassing states that have offered sports wagering for years. According to New York State data, the state has generated over $267 million from sports wagering since January 2022. 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, New York has collected more in sports wagering revenue in five months than the total revenue any other state has generated over several years. This 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.
"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 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."
New York State Gaming Commission Executive Director Robert Williams said, "These numbers further prove that New York's gaming industry is robust thanks to the implementation of effective gaming regulation and the actions of responsible sports wagering operators. The results — hundreds of millions of dollars in revenue in less than six months of operation — speak for themselves."
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 State Office of Addiction Services and Supports Commissioner Chinazo Cunningham said, "OASAS stands ready with services and supports for New Yorkers struggling with problem gambling. The added revenue from mobile sports betting will allow OASAS to further enhance prevention, treatment, recovery, and harm reduction services for individuals or their family members who experience harms from 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.
State Senator Joseph P. Addabbo, Jr., Chair of the Senate Racing, Gaming and Wagering Committee said, This record amount of tax revenue is already being invested in New York's problem gaming services.
Assemblymember Gary Pretlow, Committee Chair on Racing and Wagering said, I am ecstatic with the revenue that has been generated for problem gambling."
According to GeoComply, a software firm used by sports books to ensure geolocation requirements, over 2.7 million unique player accounts have been created since January, conducting more than 620 million transactions.
For Fiscal Year 2023 and annually thereafter, 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, and the remaining majority to education aid.
Every Friday, the NYS Gaming Commission publishes weekly mobile sports wagering reports online.
The Commission's regulations require operators to prevent underage gaming, provide bettors the availability to impose spending limits, and share information on gambling risks and signs of problem gambling. New Yorkers who are struggling with a gambling problem or know someone with a gambling problem can call the state's toll-free, confidential HOPEline at 1-877-8-HOPENY (1-877-846-7369) or text HOPENY (467369). New Yorkers can also contact the Regional Problem Gambling Resource Center at: https://nyproblemgamblinghelp.org/
EDITOR' NOTE:
Note all the bold print where the revenue from Sports Betting is just another tax on New Yorkers, who are one of the highest taxed people in the nation. What will be the cost to pay for people who become problem gamblers, much like problem alcoholics, and problem drug users. How much extra state and city monies will have to be spent to fix what the problem gambler like the others who now cost the city and state to solve their problem, or the crimes they commit on the public to support their habits. How much green money will it cost?
What's next legal Prostitution for more tax income to the state?
No comments:
Post a Comment