New York continues to lead the nation in sports betting due to its healthy tax rate.
On the one-year anniversary of mobile sports betting in New York state, Gov. Cathy Hochul announced that the state had collected more than $709.2 million in taxes on sports betting, a figure that leads the nation.
An additional $200 million in licensing fees was also collected, resulting in total revenue of over $909 million.
“In just one year, New York has become a national leader in providing responsible entertainment to millions while generating record-breaking revenue for education, youth sports, and problem gambling prevention,” said Governor Hochul. “I look forward to another year of delivering best-in-class, profitable mobile sports betting experiences to enriching the lives of New Yorkers across the state.”
“It was an amazing and record-setting year for mobile sports betting in New York, with only nine professional operators,” said Senator Joseph Addabo Jr.
“I am grateful to join others in the state, and put out a product that New Yorkers deserve. I appreciate the significant benefits to our economy, as well as funding for education, youth sports, and addiction programs. I look forward to seeing the optimism that through the professional efforts of the Hochul administration, the Gaming Commission, and my legislative colleagues, New Yorkers can expect their state to continue to provide the best mobile sports betting product, in this highly competitive arena, for many years to come.”
According to GeoComply, a software company used by sportsbooks to ensure geolocation requirements, more than 3.8 million unique player accounts have been created since its launch in January of 2022, and it has made more than 1.2 billion transactions.
The first anniversary of mobile sports betting in New York State was last Sunday, January 8, 2023. As of January 7, the mobile sports betting handle totaled $16,595,732,482 and generated total education net revenue of $709,247,358.
Only $6 million goes to fund gambling education and treatment.
New York is one of more than 30 states in the country that has some form of sports gambling.