In Less Than 10 Months, New York State Has Continuously Shattered Tax Revenue Records
Tax Revenue Reinvested in Education, Grants for Youth Sports Programming and Problem Gambling Prevention Treatment and Recovery Services
Governor Kathy Hochul today announced that since early January, when mobile sports wagering became available in New York, the State has collected $542 million in taxes through the week ending October 30, far surpassing every other state in the nation. An additional $200 million in licensing fees has also been collected, generating a total of more than $740 million in revenue, most of it to be used for education. This far outperforms every other state in the nation, including those that have been accepting mobile sports wagers for several years.
"By bringing sports wagering to New York, we have not only opened the door to responsible entertainment for millions of sports fans, but we have also brought in significant revenue to support schools, as well as youth sports, while implementing important safeguards to help those who need it," Governor Hochul said. "I'm proud of the work that has been done to secure our state's top position in mobile sports wagering, and I am excited to continue the trend as we secure hundreds of millions of dollars to support programs that will improve the lives of New Yorkers."
New York State set a record of $73 million in mobile sports wagering tax revenue in September, the most generated by any state to date, breaking its own record of $63 million set in January. For context, according to reports, the highest monthly mobile sports wagering tax revenue generated outside of New York is Pennsylvania in November 2021 at $19 million.
New York State Gaming Commission Chairman Brian O'Dwyer said, "New York continues to lead the nation in sports wagering thanks to Governor Hochul's enacting of smart gaming policies that deliver real, transformative results for New Yorkers. The revenue generated from sports wagering will provide critical support to our schools, youth sports and responsible gaming programs."
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. This additional revenue from mobile sports wagering will allow OASAS to expand important prevention, treatment, harm reduction and recovery services across the State."
According to GeoComply, a software firm used by sports books to ensure geolocation requirements, more than 11.3 million unique player accounts have been created since January, conducting nearly 985 million transactions.
Looking at a breakdown of wagers by sport since January 8, 2022, Major League Baseball has taken in $2.6 billion and the NBA was not far behind with $2.5 billion. For football, the most popular sport in America, the NFL has taken in $1.3 billion over 10 regular season weeks and all of the 2022 playoffs. College football has taken in $406 million, which includes the 2022 bowl games and the current regular season to date. A final statistic to accentuate the popularity of pro football mobile sports wagering in New York State shows the average number of transactions on Sundays since the start of the 2022 season at 5.7 million.
Through the week ending October 30, 2022, the mobile sports wagering handle is $13 billion with net revenue to education of $527 million. For FY 2023 and annually thereafter, revenues from mobile sports wagering are 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 from all of its operators online here.
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'S NOTE:
Most people with gambling problems refuse to admit they have a gambling problem, so providing links for problem gamblers is of no help.
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