New York’s recently launched mobile sports wagering has generated a record-breaking amount of tax revenue in less than six months, surpassing states that have offered sports wagering for years.
According to New York State data, the state has generated over $267 million from sports wagering since January 2022. Mobile sports wagering accounted for $263 million since January 8, and sports wagering at New York’s four commercial casinos made up $4.3 million of total revenue since July 2019.
According to reports, New York has collected more in sports wagering revenue in five months than the total revenue any other state has generated over several years. This includes Pennsylvania, which has collected $253 million in sports wagering revenue since November 2018, and New Jersey, which has generated $229 million since June 2018.
New York’s mobile sports wagering tax revenue will be reinvested into elementary and secondary education and grants for youth sports programming, along with problem gambling prevention, treatment, and recovery services. Additionally, the state has collected $25 million in license fees from eight mobile sports wagering platform providers, totaling an additional $200 million to the state. All of the license fees revenue has already been directed to education.
According to GeoComply, a software firm used by sports books to ensure geolocation requirements, over 2.7 million unique player accounts have been created since January, conducting more than 620 million transactions.
For Fiscal Year 2023 and annually thereafter, revenues from mobile sports wagering will be distributed as follows: $5 million to fund sports programs for underserved youths, $6 million to fund problem gambling education and treatment, and the remaining majority to education aid.
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