Mobile Sports Betting Scores Profits for New York State

The legalization of sports gambling in New York State introduced an incredible influx of cash to the state economy.

This story was published in partnership with The Legislative Gazette.

Odds board in a Las Vegas sports book Baishampayan Ghose. Image courtesy of FanDuel Sportsbook

Gov. Kathy Hochul announced that since mobile sports wagering became available back in early January, New York has collected $542 million in taxes through the end of October, surpassing every other state in the nation. 

There was also an additional $200 million collected in licensing fees from the sportsbooks such as FanDuel and DraftKings, generating a total of $740 million in revenue.

“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,” Gov. Hochul said.

The revenue is invested in grants for youth sports programming and gambling prevention, with the majority being in education.

“The revenue generated from sports wagering will provide critical support to our schools, youth sports and responsible gaming programs,” said New York State Gaming Commission Chairman Brian O’Dwyer.

Breaking its own record of $63 million back in January, New York State set a new record of $73 million in mobile sports wagering tax revenue in September. According to reports, the next highest monthly mobile sports wagering tax revenue generated outside of New York is Pennsylvania with $19 million back in November 2021.

The amount of money wagered compared to the total revenue and net revenue invested in New York towards education, which includes youth sports programming, gambling prevent and education. Image courtesy of John Sparaco

“With this great start, I look forward to a greater potential for increasing the benefits of mobile sports betting for the residents of New York with the National Football League (NFL) season in full swing, the National Hockey League (NHL) and National Basketball Association’s seasons getting underway,” said State Senator Joseph Addabbo Jr.

According to GeoComply, a software firm used by sports books to ensure geolocation requirements, more than 11.3 million unique player accounts have been created since January, conducting nearly 985 million transactions.

Looking at a breakdown of wagers by sport since January 8, 2022, Major League Baseball has taken in $2.6 billion and the National Basketball Association has taken in $2.5 billion. The NFL, which is the most popular sport in America, has taken in $1.3 billion over 10 regular season weeks and all of the 2022 playoffs. College football has taken in $406 million, which includes the 2022 bowl games and the current regular season to date.

“When Senator Addabbo and I proposed the bill to legalize mobile sports wagering in New York, we knew the fans had an appetite for wagering because they were going across the river to be in New Jersey,” said Assemblyman Gary Pretlow. “This endeavor has been a win-win for New Yorkers as we have generated millions in revenue for education and youth sports while not turning a blind eye to responsible gaming programs.”

Endy Cepeda

Endy Cepeda is a senior at SUNY New Paltz majoring in journalism. Before attending SUNY New Paltz, he was a writer for Rockland Community College's newspaper. He is currently interning for The Legislative Gazette. Outside of school, he enjoys weight lifting and creating content for websites such as YouTube and Twitch.

Next Post

Pursue Your Side Hustle at the Thursday Market!

Thu Dec 1 , 2022
Whether you plan to sell homemade jewelry, advertise your club, swap second-hand clothing, provide fresh baked goods for students, or anything in that realm, the Thursday market on the Excelsior Concourse is an ideal location for anyone searching for an open audience. Managed by Campus Auxiliary Services, the weekly market […]

You May Like

TWITTER

It’s almost the new year; time to pick up a new hobby! Alex Bologna explains the joys of bouldering and how to get started in our latest article. Read now! https://thelittlerebellion.com/index.php/2022/12/a-sport-to-reach-for-what-bouldering-is-and-why-you-should-start-climbing/

Stumped on what to get your loved ones this holiday season? Don’t just immediately turn to Amazon — walk outside your dorm on Thursdays and check out some of these local student businesses! https://thelittlerebellion.com/index.php/2022/12/a-guide-to-gift-giving-at-the-suny-new-paltz-market/

Every New Paltz student loves buying things at the market every Thursday. Ever wonder how you could set up your own stand? Sydney Rockwood gives you the steps to pursue your passions and set up shop! Read now ☀️ https://thelittlerebellion.com/index.php/2022/12/pursue-your-side-hustle-at-the-thursday-market/

Load More

INSTAGRAM