As we approach the second anniversary of mobile sports wagering in New York State, Governor Kathy Hochul announced on Friday the State has collected more than $1.55 billion in taxes on such bets, most of it to be used for education. Last year’s $862 million, when added to $693 million as well as $200 million in licensing fees collected in 2022 brings the total generated revenue to $1.75 billion, which has shattered national records for mobile sports wagering.
Since the United States Supreme Court struck down the Professional and Amateur Sports Protection Act in May of 2018, New York State ranks third in overall handle—the total amount of dollars wagered—among states. New Jersey is first with $44.2 billion, and Nevada is second with $36 billion. New York’s $35.7 billion is a close third but while New Jersey and Nevada have offered mobile sports wagering for 5 ½ and 11 years respectively, New York has offered it for just two. During that time, New York State has nine of the top ten all-time US monthly sports wagering handles, with New Jersey occupying ninth on that list for November of 2023.
The top four sports have accounted for over $11.1 billion in mobile sports wagering handle: NFL $2,994,128,825; MLB $3,285,822,760; NBA $3,679,461,779; NCAAF $1,114,178,066.
Revenues from mobile sports wagering are distributed as follows: $5 million to fund sports programs for underserved youths, $6 million to fund problem gambling education and treatment, with the remaining majority to fund education aid.
“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,” Governor Hochul said. “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.”
New York State Gaming Commission Chairman Brian O’Dwyer said, “The record-breaking numbers speak for themselves: Governor Hochul’s smart gaming policies continue to generate billions of dollars for our schools, youth sports and responsible gambling programs. The Gaming Commission looks forward to another beneficial year for New York and will continue to uphold the integrity of all regulated gaming in the state.”
