New York reports record online sports betting revenue

Finance News

New York Governor Kathy Hochul said the state has generated more than $302 million in tax revenue from mobile sports wagering since the practice became legal in January.

That means New York has collected more from mobile sports betting in a six-month period than the total sports wagering revenue of any other state both mobile and on-site gambling.

Included in that revenue is $25 million in license fees from eight mobile sports wagering platform providers, totaling $200 million.

New York has also added its ninth and final sportsbook, Bally Bet, which will pay its license fee and start operating.

Hochul said most of the revenue will be reinvested into education. Nearly $5 million will fund sports programs for underserved youths, and $6 million will fund problem gambling education and treatment next year.