Governor Hochul Announces Record New York State Mobile Sports Betting Tax Revenue

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Governor Kathy Hochul announced today that in less than six months of operation, New York’s mobile sports betting program has significantly exceeded all other states, as well as the Budget Division’s revenue projections for the fiscal year 2022. According to New York State data, the state has generated more than $302 million in tax revenue from mobile sports betting since January 8, 2022 – with the entire amount going to aid in education, youth sports and responsible gambling programs. Additionally, New York State’s ninth and final operator – Bally Bet – was licensed to accept bets on July 7, fully operationalizing the Empire State’s latest foray into regulated gaming.

“In just six months, New York has become a leader among states in implementing successful gambling policies, with hundreds of millions of dollars going towards important programs that will improve the lives of all New Yorkers. “, Governor Hochul said. “The recent launch of New York’s latest sports betting operator will provide key revenue for education, youth sports programs and problem gambling support. I look forward to continuing to adopt responsible gambling policies that provide exciting entertainment for New Yorkers of legal age – all with strong safeguards in place to help those in need.”

According to reports, New York has collected more mobile sports betting revenue in six months than the total sports betting revenue – both mobile and on-site – that any other state has generated over several years. Through May 2022, Pennsylvania has collected $265.6 million in sports betting tax revenue since November 2018, and New Jersey has generated $237.1 million since June 2018.

In January, New York State forecast $249 million in mobile sports betting tax revenue (including $200 million in licensing fees already collected) for fiscal year 2022, while total collections amounted to $361 million (including $200 million license fee). As of April, New York State forecasts $357 million for fiscal year 2023, $465 million for fiscal year 2024, $493 million for fiscal year 2025, $509 million for fiscal year 2026, and $518 million for fiscal year 2027.

New York State Gaming Commission Executive Director Robert Williams said: “Thanks to the leadership of Governor Hochul, New York State has established itself as the leader in sports betting in just six months. The numbers and the timeline clearly indicate that the New York model has successfully harnessed the excitement of sports betting and continues to maximize its potential.”

With the advent of mobile sports betting, the New York State Gaming Commission, its Responsible Gaming Partnership partners and gaming venues have engaged in proactive educational events and outreach activities to encourage the responsible gambling.

New York State Office of Addiction Services and Support Commissioner Chinazo Cunningham said: “We look forward to the positive impact these revenues will have on expanding problem gambling prevention, treatment, harm reduction and recovery services. These additional funds will allow OASAS to scale up problem gambling prevention efforts and reach more people with testing and treatment services in all areas of New York State. »

Tax revenue from New York’s mobile sports betting is reinvested into elementary and secondary education and grants for youth sports programs, as well as problem gambling prevention, treatment and recovery services. Additionally, the state collected $25 million in licensing fees from eight mobile sports betting platform providers, totaling an additional $200 million for the state. All license fee revenue has already been spent on education.

State Senator Joseph P. Addabbo, Jr. said: “New York State has already exceeded all expectations by outperforming all of our competitors in mobile sports betting in just six months. That’s because we provide New York’s strong fanbase with mobile betting from high quality from dedicated providers, who make it a priority to provide customers with a premium experience on their apps.And with Bally Bet coming online, there will be even more competition in this growing market. The success of New York’s regulated mobile sports betting allows its residents to place bets safely in their own state. I’m excited to continue to move New York forward on the path to even greater funding for education, youth sports programs and gambling addiction awareness and support.

Assemblyman Gary Pretlow said: “There was no doubt in my mind when we came up with the legislative plan for mobile sports betting about the outcome. I watched what New Jersey was doing and knew that a lot of their success was based on New Yorkers crossing the I saw an opportunity to retain more tax revenue and make New York the largest betting market in the United States.

According to GeoComply, a software company used by sportsbooks to ensure geolocation requirements, more than 2.9 million unique player accounts have been created since January, carrying out nearly 707 million transactions.

For fiscal year 2023 and each year thereafter, mobile sports betting revenue is allocated as follows: $5 million to fund sports programs for underserved youth, $6 million to fund education and treatment problem gambling, and the remaining majority to educational assistance.

Every Friday, the NYS Gaming Commission publishes weekly mobile sports betting reports from all of its online operators here.

Commission regulations require operators to prevent underage gambling, offer bettors the ability to impose spending limits and share information about gambling risks and signs of problem gambling. New Yorkers with a gambling problem or who know someone who has a gambling problem can call the state’s free and confidential HOPEline at 1-877-8-HOPENY (1-877-846- 7369) or text HOPENY (467369). New Yorkers can also contact the Regional Problem Gambling Resource Center at: https://nyproblemgamblinghelp.org/.

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