In less than six months New York sports betting is already setting sports betting tax revenue records.
Gov. Kathy Hochul announced the state has generated over $267 million in sports betting tax revenue since its January 2022 launch.
“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,” Hochul said in a release. “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 Dominating Online Sports Betting
Of the $267 million total, online sports betting has accounted for $263 million. To put that figure into perspective, the state’s four commercial casinos have accounted for only $4.3 million in sports betting tax revenue since July 2019.
The state has also collected an additional $200 million in license fees from the eight online sports betting operators.
It’s by far the most tax revenue generated by any state since the 2018 repeal of the Professional and Amateur Sports Protection Act. To date, New Jersey has only collected about $222.6 million in sports betting tax revenue since its launch in June 2018.
The sports betting tax revenue is reinvested into elementary and secondary education and grants for youth sports programming, along with problem gambling prevention, treatment, and recovery services.
All of the license fees have also been directed to education.
New York Sports Betting Success Unsurprising
Sen. Joseph P. Addabbo Jr., a longtime proponent of sports betting and chair of the Senate Racing, Gaming and Wagering Committee, said it’s no surprise that New York has seen so much success in the online sports betting market.
“The fact that we have already surpassed all other states in revenue in less than six months is a testament to the quality of the dedicated work to provide a credible product for the residents of New York. This record amount of tax revenue is already being invested in our schools, our youth sports programs and New York’s problem gaming services. I look forward to an even brighter future for sports betting, working towards realizing even more funding and jobs for our state through gaming,” he said in a release.
Assemblyman Gary J. Pretlow, Committee Chair on Racing and Wagering, said he is ecstatic with New York’s success and predicted its dominance back in March.
“Mobile sports betting is an economic engine for New York. I am ecstatic with the revenue that has been generated for education, youth sports and problem gaming,” he said in a release.
According to GeoComply, over 2.7 million unique player accounts have been created since January, conducting more than 620 million transactions.