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 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.