Mobile sports betting generated $909m for New York State in taxes and licensing fees during the first year of operation, after $16.6bn was wagered on sports.
The one-year anniversary of legal mobile sports betting in New York State passed last week (Jan. 8), with the state collecting $709.2m in taxes on bets, alongside $200m in licensing fees, most of which will 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,” said Governor Kathy Hochul. “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.”
According to geolocation specialist GeoComply, more than 3.8m unique player accounts have been created in the state since the opening of the market in January 2022.
“It has been a remarkable, record setting 1st year for mobile sports betting in New York, with only nine professional operators,” said State Senator Joseph Addabbo Jr. “I’m grateful to have joined others in the state, putting forth a product that New Yorkers deserved and I appreciate the significant benefits to our economy, in addition to educational, youth sports and addiction program funding.
“I look forward with a vision of optimism that through the professional efforts of the Hochul Administration, the Gaming Commission and my legislative colleagues, New Yorkers can expect their state to continue to provide the best mobile sports betting product, in this highly competitive arena, for many years to come.”
Assemblymember Gary Pretlow added: “Mobile sports betting generated $709m in taxes in just one year for essential programs such as education, youth sports, and problem gambling related services. This is just the beginning, and I look forward to mobile sports betting generating more revenue for years to come.”
In December, sports wagers from the state’s nine online sportsbooks grew by 4.5 per cent month-on-month to $1.62bn, with December the best monthly performance by operators since March 2022.
For Fiscal Year 2023 ending March 31, $5m of mobile sports betting revenue will be used to fund sports programs for underserved youths and $6m to fund problem gambling education and treatment, with the remainder funding education aid.