New York takes $70 million in mobile betting tax revenue in first 30 days – The Legislative Gazette
Governor Kathy Hochul announced that there were nearly $2 billion in bets taken in the first 30 days of legal mobile sports betting in New York. These numbers do not include Super Bowl betting activity. These revenues are expected to be announced on Friday.
This record betting activity – more than any other state has ever reported in a 30-day period – will generate more than $70 million in tax revenue for New York State.
“Over the past month, we’ve seen how mobile sports betting can be an economic engine for New York City, generating significant funding for our schools, youth sports and so much more,” Hochul said.
Mobile sports betting became legal in New York on January 8, 2022.
Since then, more than $1.98 billion in bets have been taken in New York. Total gross gaming revenue was over $138 million, and at a 51% state tax rate, these wagers brought in over $70.6 million in tax revenue.
By state law, tax revenue generated by the mobile sports betting industry must be earmarked for elementary and secondary education, grants for youth sports programs, property tax relief and problem gambling prevention, treatment and recovery services.
Governor Hochul last year instructed the New York State Gaming Commission to prepare for the launch of mobile sports betting, which had previously been authorized by the legislature, by hiring licensed companies to fulfill the requirements. necessary to begin operations in New York State.
There are seven mobile betting platforms licensed to take bets in New York, including Caesars, FanDuel and DraftKings.
Hochul noted that the new program will keep New York bettors in New York, rather than have state residents travel to neighboring states to bet.