New York’s Record Setting Mobile Sports Wagering Tax Revenue

Posted on July 8, 2022Comments Off on New York’s Record Setting Mobile Sports Wagering Tax Revenue

Governor Hochul Announces New York State’s Record Setting Mobile Sports Wagering Tax Revenue

Governor Kathy Hochul today announced that in under six months of operation, New York’s mobile sports wagering program has far surpassed every other state, as well as the Division of the Budget’s FY 2022 revenue projections. According to New York State data, the State has generated more than $302 million in tax revenue from mobile sports wagering since January 8, 2022 – with the entire amount directed for education aid, youth sports and responsible gaming programs.  Additionally, the ninth and final operator in New York State – Bally Bet – was authorized to accept wagers on July 7, making the Empire State’s latest foray in regulated gaming fully operational.

“In just six months, New York has become a leader among states in implementing successful gaming policies, with hundreds of millions of dollars going to important programs that will improve the lives of all New Yorkers,” Governor Hochul said.  “The recent launch of New York’s final sports wagering operator will provide key revenue for education, youth sports programs, and problem gambling support.  I look forward to continuing to enact responsible gaming policies that provide exciting entertainment for New Yorkers of legal age – all with important safeguards in place to help those who need it.”

According to reports, New York has collected more in mobile sports wagering revenue in six months than the total sports wagering revenue—both mobile and on-premises—that any other state has generated over several years.  Through May 2022, Pennsylvania has collected $265.6 million in sports wagering tax revenue since November 2018, and New Jersey has generated $237.1 million since June 2018.

In January, New York State projected $249 million in mobile sports wagering tax revenue (including $200 million in already-collected license fees) in FY 2022, while total collections were $361 million (including the $200 million in license fees).  As of April, New York State projects $357 million in FY 2023, $465 million in FY 2024, $493 million in FY 2025, $509 million in FY 2026 and $518 million in FY 2027.

New York State Gaming Commission Executive Director Robert Williams said, “Thanks to Governor Hochul’s leadership, New York State has established itself as the leader in sports wagering in only six months.  The numbers and timeline clearly indicate that New York’s model successfully harnessed the excitement of sports wagering and continues to maximize its potential.”

With the advent of mobile sports wagering, the New York State Gaming Commission, its partners in the Responsible Play Partnership, and gaming venues have engaged in proactive, informational events and outreach to encourage responsible gambling.

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