New York State has collected more than $1.55 billion in taxes on mobile sports wagering over the last two years.
Governor Kathy Hochul said most of those taxes will be used for education.
Last year’s $862 million, when added to $693 million as well as $200 million in licensing fees collected in 2022 brings the total generated revenue to $1.75 billion, which has shattered national records for mobile sports wagering.
Since the United States Supreme Court struck down the Professional and Amateur Sports Protection Act in May of 2018, New York State ranks third in overall handle—the total amount of dollars wagered—among states.
New Jersey is first with $44.2 billion, Nevada is second with $36 billion. New York’s $35.7 billion is a close third but while New Jersey and Nevada have offered mobile sports wagering for 5 ½ and 11 years respectively, New York has offered it for just two. During that time, New York State has nine of the top ten all-time US monthly sports wagering handles, with New Jersey occupying ninth on that list for November of 2023.
According to GeoComply, a software firm used by sports books to ensure geolocation requirements, more than 5.6 million unique sports betting accounts have been created since launch in January of 2022, conducting more than 2.6 billion transactions.
Revenues from mobile sports wagering are distributed as follows:
– $5 million to fund sports programs for underserved youths,
– $6 million to fund problem gambling education and treatment, with the remaining majority to fund education aid.
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