New York mobile sports betting tax revenue passes $500m

The state has collected $542m in taxes since January

US.- New York State has surpassed $500m in tax revenue from mobile sports betting since the market launched in January. Governor Kathy Hochul said that up to October 30, the state had collected $542m.

Adding $200m in licensing fees, the state has received more than $740m from mobile sports betting, surpassing the take of some states where mobile sports betting has been in effect for several years. Revenue is invested in education, grants for youth sports programming and problem gambling prevention, treatment and recovery services.

Hochul said: “By bringing sports wagering to New York, we have not only opened the door to responsible entertainment for millions of sports fans, but we have also brought in significant revenue to support schools, as well as youth sports, while implementing important safeguards to help those who need it.”

New York State Gaming Commission chairman Brian O’Dwyer said: “New York continues to lead the nation in sports wagering thanks to Governor Hochul’s enacting of smart gaming policies that deliver real, transformative results for New Yorkers. The revenue generated from sports wagering will provide critical support to our schools, youth sports and responsible gaming programs.”   

According to the geolocation data firm GeoComply, more than 11.3 million unique player accounts have been created since January, conducting nearly 985 million transactions. In the first week after New York launched sports betting, 1.2m accounts were created.

New York’s online sports betting handle in September was $1.26bn, up 44.1 per cent from $872.2m in August and the highest monthly total since May. Gross gaming revenue was a record $143.3m, 15.5 per cent higher than the previous high of $124.1m in January and up 43.9 per cent month-on-month.