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New York State’s big score on mobile sports wagering: $542M and counting

New York State’s big score on mobile sports wagering: $542M and counting

New York leads the nation in tax revenue from mobile sports wagering, according to data compiled by the state.

Since sports wagering became legal on mobile platforms by persons physically present in the state, New York has collected $542 million in taxes on $13 billion in wagers. The state also took in an additional $200 million in licensing fees. Those figures are through Oct. 30.

From that money, the governor’s office said $527 million has been allotted to supporting education.

“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. Kathy Hochul said in a news release.

The best month was September, when the state’s cut of mobile sports wagering was $73 million. The governor’s office that was nearly four times more than any other state has ever received through mobile sports wagering (Pennsylvania’s share of wagering in November of 2021 was $19 million).

Sports bettors wagered $2.6 billion on Major League Baseball and $2.5 billion on the National Basketball Association. Through Oct. 30, $1.3 billion had been wagered on National Football League games while college football has brought in $406 million.

For Fiscal Year 2023, and going forward, tax revenue from sports betting will be distributed as follows: $5 million to fund sports programs for underserved youth, $6 million to fund problem gambling education and treatment, and the remainder to education.

“Our success was inevitable — that’s why we wanted to incorporate as many entities and affiliates as possible, said Assembly member Gary Pretlow (D-Mount Vernon), who co-sponsored legislation with state Sen. Joseph Addabbo Jr. “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.”

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