Xavier McKinney
Syndication: The Record

In less than 10 months, New York online sports betting has collected $542 million in taxes.

One day after being re-elected, Gov. Kathy Hochul (D) touted the success of the state’s online sports betting market, as New York has collected $542 million in online sports betting tax revenue since its Jan. 8, 2022 launch.

More than $740 in Total NY Sports Betting Revenue

Additionally, the state has collected $200 million in licensing fees, generating a total of more than $740 million in revenue for the year.

The net revenue to education in the state is $527 million for the year so far.

“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,” Hochul said in a release.

“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 recently set a monthly record in online sports betting tax revenue, as it generated $73 million in September, the most generated by any state to date. It broke its own record of $63 million set in January.

The highest month of online sports betting tax revenue outside of the Empire State was $19 million set by Pennsylvania in November 2021.

Assemblyman Gary Pretlow (D-89), one of the largest proponents of sports betting in the state, said New York’s sports betting success is no surprise.

“When Senator Addabbo and I proposed the bill to legalize mobile sports wagering in New York, we knew the fans had an appetite for wagering because they were going across the river to bet in New Jersey. We have a robust sports market in New York with multiple teams in each major sports league (NFL, NBA, NHL, & MLB). Our success was inevitable – that’s why we wanted to incorporate as many entities and affiliates as possible,” he said in a release.

New York Sports Betting Breakdown

According to GeoComply, more than 11.3 million unique player accounts have been created since January, conducting nearly 985 million in transactions.

Surprisingly, the most money has been placed on Major League Baseball in terms of bet, at $2.6 billion. The NBA was close behind at $2.5 billion, the NFL at $1.3 billion, and $406 million in college football.

Since its January launch, more than $13 billion in bets have been placed online.

Covering regulatory developments in online gambling throughout this fine country.