NY has collected more sports wagering taxes in six months than New Jersey has since June 2018
According to the state, the industry has exceeded the most optimistic projections with New York schools and youth education programs benefitting alongside problem gambling, treatment, and addiction services.
Speaking following the launch of the state’s ninth and final mobile sports betting operator Bally Bet, Governor Kathy Hochul said:
“New York planned to become a leader among states in implementing successful gaming policies. The recent launch of New York’s final sports wagering operator will provide key revenue for education, youth sports programs, and problem gambling support.
New York has Collected Over $302 Million in Sports Betting Taxes and Fees
According to the data released by the Governor’s Office, New York’s neighboring states of Pennsylvania and New Jersey have collected $265.6 million and $237.1 million respectively since June of 2018. New York beat those figures comfortably in just six months of operation.
Previous forecasts projected state revenues of $249 million for the entire year of 2022 including $200 million from license fees. At the current rate, New York sports betting could double that projection by the end of the year.
State Senator Joseph Addabbo Jr, commented:
“New York State has already exceeded all expectations by outperforming any of our competition in the mobile sports wagering arena in just a short six-month period. That is because we provide the solid New York fanbase with high-quality mobile betting from dedicated providers, who make it a priority to give customers a top-of-the-line experience on their apps.
New York has Collected Over $302 Million in Sports Betting Taxes and Fees
In June of 2022, New York once again passed the $1 billion mark in sports betting handle.
An experienced iGaming commentator and analyst based in New York City - Jenny reports on regulation and gambling industry news and events.