New York online sports betting generated $862m in 2023
According to New York Governor Kathy Hochul, the state generated more than $800m in the second year of operation.
US.- New York online sports betting generated $862m in its second year of operation, according to Governor Kathy Hochul. When added to $693m and $200m in licensing fees collected in 2022, it brings the total generated revenue to $1.75bn.
Online sports betting legalization was passed by state lawmakers and signed into law by then-Governor Andrew Cuomo in April 2021. The state launched its legal online betting market in January 2022.
New York Governor Hochul said in a statement: “Over the last two years, New York is the clear leader in providing responsible entertainment for millions while bringing in record-shattering revenue for education, youth sports and problem gambling prevention. I look forward to this third year of our successful gaming policies that deliver top tier mobile sports wagering experiences. We will continue to generate revenue that will enrich the lives of New Yorkers, all with important safeguards in place to help those who need it.”
The release explained that since the U.S. Supreme Court struck down the Professional and Amateur Sports Protection Act in May of 2018, New York state ranks third in overall handle among states. New Jersey is first with $44.2bn, and Nevada is second with $36bn.
The report said: “New York’s $35.7bn is a close third but, while New Jersey and Nevada have offered mobile sports wagering for 5.5 and 11 years respectively, New York has offered it for just two. During that time, New York state has nine of the top 10 all-time U.S. monthly sports wagering handles, with New Jersey occupying ninth on that list for November of 2023.”
In December 2023, New York online sports betting revenue reported $188.3m, surpassing the existing record of $166.3m set in October 2023 by 13.2 per cent. The figure was also up 24.8 per cent compared to November’s $150.9m and 32.8 per cent up from December 2022’s $141.8m.
In December, online sports betting handle registered $2.04bn, up 3.2 per cent from November’s record of $2.11bn. The total was also 25.7 per cent higher than the $1.62bn bet in December 2022. December also marked the third consecutive month that players spent more than $2bn on online sports wagering.
New York igaming bill reintroduced
New York senator Joseph Addabbo introduced SB 8185 last week, in a new attempt to legalise online casino gaming in the state. The bill was referred to the state Senate’s Racing, Wagering and Gaming Committee.
Addabbo said on the Lawyers, Lines, and Money podcast: “I truly think that 2024 should be the year for iGaming and iLottery in New York given the fiscal situation of the state.”
Addabbo cited the potential revenue generation from casino apps as a major reason for New York to consider legalisation, especially as the state deals with a budget deficit. He previously estimated New York could generate $475m annually in tax revenue from mobile casinos.
