New York sports wagering rings up $909M for state in first year

Finance News

Mobile sports betting has proven to be a boon for New York, racking up a cool $909 million in revenue during its first year, Gov. Kathy Hochul said.

Weighing in on the 1-year anniversary of mobile sports wagering, which took place on Jan. 8, Hochul said Friday that the state has collected more than $709.2 million in taxes on such bets, the highest amount nationwide. An additional $200 million in licensing fees has also been collected, generating a total of more than $909 million in revenue, most of it to be used for education, she said.

That’s a jump from November, when Hochul reported that mobile sports betting had racked up $542 million in revenue.

“In just one year, New York has become a national leader in providing responsible entertainment for millions while bringing in record-shattering revenue for education, youth sports, and problem gambling prevention,” Hochul said. “I look forward to another year of delivering top-tier mobile sports wagering experiences that generate revenue to enrich the lives of New Yorkers across the state.”

New York State Gaming Commission Chairman Brian O’Dwyer added: “Thanks to Governor Hochul’s leadership and the enactment of smart and responsible gaming policies, New York continues to break revenue and wagering records. As we enter the second year of mobile sports wagering in New York State, the gaming commission will continue to ensure that such betting is conducted in a safe and responsible manner.”