Tax Revenue Funds Education, Youth Sports Programming and Problem Gambling Prevention Treatment and Recovery Services
More Than $16 Billion Wagered on Sports in New York State in First Year of Operation
Upon the one-year anniversary of mobile sports wagering in New York State, Governor Kathy Hochul today announced the State has collected more than $709.2 million in taxes on such bets, a figure that leads the nation. An additional $200 million in licensing fees has also been collected, generating a total of more than $909 million in revenue, most of it to be used for education.
"In just one year, New York has become a national leader in providing responsible entertainment for millions while bringing in record-shattering revenue for education, youth sports, and problem gambling prevention," Governor Hochul said. "I look forward to another year of delivering top tier mobile sports wagering experiences that generate revenue to enrich the lives of New Yorkers across the state."
New York State Gaming Commission Chairman Brian O'Dwyer said, "Thanks to Governor Hochul's leadership and the enactment of smart and responsible gaming policies, New York continues to break revenue and wagering records. As we enter the second year of mobile sports wagering in New York State, the Gaming Commission will continue to ensure that such betting is conducted in a safe and responsible manner."
New York State Office of Addiction Services and Supports Commissioner Chinazo Cunningham said, "OASAS appreciates the ongoing partnership with the Gaming Commission to educate the public about responsible gambling and to provide resources for those who need them. The additional revenue generated will help to ensure that we have a robust system of programs and services to address the needs of individuals, families, and communities across the state."
According to GeoComply, a software firm used by sports books to ensure geolocation requirements, more than 3.8 million unique player accounts have been created since launch in January of 2022, conducting over 1.2 billion transactions.
The one-year anniversary of mobile sports wagering in New York State was last Sunday, January 8, 2023. Through January 7, the total mobile sports wagering handle reached $16,595,732,482 and generated a total net revenue to education of $709,247,358.
For Fiscal Year 2023 (April 1, 2022 through March 31, 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, with the remaining majority to fund 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:
So all 909 million did not go to education, 200 million for licensing fees, 5 million for sports programs, and 6 million for problem gamblers.
We wonder how much money is being taken out of the education budget and is being replaced by this gambling money as was done with the lottery money that went to education.
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