New York, New York! Gov. Kathy Hochul (D) reported that New York online sports betting generated more than $900 million in sports betting revenue during its first year of operation.
The state collected more than $709.2 million in online sports betting taxes, a figure that leads the nation.
Online sports betting tax revenue funds education, youth sports programs, and problem gambling prevention treatment and recovery services.
What a Year for NY Online Sports Betting
New York kicked off online sports betting in the Empire State on Jan. 8, 2022. In the last year, New York has taken in about $16.6 billion in online sports bets, which has translated to more than $709.2 million in taxes.
Add in $200 million in licensing fees collected from online sports betting operators, and the state took in more than $909.2 million in sports betting revenues.
“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,” Gov. Hochul said in a press release. “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.”
For fiscal year 2023, which runs April 1, 2022 through March 31, 2023, and annually thereafter, revenue from online sports betting is distributed as follows:
- $5 million to fund sports programs for underserved youths
- $6 million to fund problem gambling education and treatment
- The remaining majority to fund education aid
“Mobile sports betting generated $709 million 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,” said Assemblyman J. Gary Pretlow (D-89), one of the original proponents of bringing online sports betting to the state.
Additional Offerings in 2023?
The state could look to expand its sports betting options to residents this year. This past June, Sen. Joseph P. Addabbo Jr. (D-15), a longtime proponent of sports betting and one of the leading legislators who pushed online sports betting through the 2021 session, told Elite Sports New York he would push for expanded sports betting options (including bets on drafts) this year.
“This is on my radar, yes, and I intend to discuss this matter during the (2023) budget and session,” he told Elite Sports New York.
When asked if he would also push for legal future bets on player awards – such as an MVP or Rookie of the Year – he said it would likely be discussed in the 2023 session as well.
The legalization of online casino for the state is something that has also been discussed and could be a possibility in 2023.
