New York has Collected Over $302 Million in Sports Betting Taxes and Fees
The New York State Governor’s Office has announced that the state has collected $302.3 million in sports betting taxes since the mobile industry launched on January 8th 2022.
According to the state, the industry has exceeded the most optimistic projections with New York schools and youth education programs benefitting alongside problem gambling, treatment, and addiction services.
Speaking following the launch of the state’s ninth and final mobile sports betting operator Bally Bet, Governor Kathy Hochul said:
“NEW YORK PLANNED TO BECOME A LEADER AMONG STATES IN IMPLEMENTING SUCCESSFUL GAMING POLICIES. THE RECENT LAUNCH OF NEW YORK’S FINAL SPORTS WAGERING OPERATOR WILL PROVIDE KEY REVENUE FOR EDUCATION, YOUTH SPORTS PROGRAMS, AND PROBLEM GAMBLING SUPPORT. I LOOK FORWARD TO CONTINUING TO ENACT RESPONSIBLE GAMING POLICIES THAT PROVIDE EXCITING ENTERTAINMENT FOR NEW YORKERS OF LEGAL AGE – ALL WITH IMPORTANT SAFEGUARDS IN PLACE TO HELP THOSE WHO NEED IT.”
According to the data released by the Governor’s Office, New York’s neighboring states of Pennsylvania and New Jersey have collected $265.6 million and $237.1 million respectively since June of 2018. New York beat those figures comfortably in just six months of operation.
Previous forecasts projected state revenues of $249 million for the entire year of 2022 including $200 million from license fees. At the current rate, New York sports betting could double that projection by the end of the year.
State Senator Joseph Addabbo Jr, commented:
“NEW YORK STATE HAS ALREADY EXCEEDED ALL EXPECTATIONS BY OUTPERFORMING ANY OF OUR COMPETITION IN THE MOBILE SPORTS WAGERING ARENA IN JUST A SHORT SIX-MONTH PERIOD. THAT IS BECAUSE WE PROVIDE THE SOLID NEW YORK FANBASE WITH HIGH-QUALITY MOBILE BETTING FROM DEDICATED PROVIDERS, WHO MAKE IT A PRIORITY TO GIVE CUSTOMERS A TOP-OF-THE-LINE EXPERIENCE ON THEIR APPS. AND WITH BALLY BET NOW 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 SAFELY PLACE WAGERS IN THEIR OWN STATE. I AM EXCITED TO KEEP NEW YORK ROLLING ON ITS WAY TO EVEN MORE FUNDING FOR EDUCATION, YOUTH SPORTS PROGRAMS AND GAMING ADDICTION AWARENESS AND SUPPORT.”
In June of 2022, New York once again passed the $1 billion mark in sports betting handle.