New York State has surpassed half a billion dollars in mobile sports wagering tax revenue

Sat, Nov 12th 2022 10:30 am

In less than 10 months, the state’s income tax has been continuously shocked

√ Restored tax revenues in education, sports programming for youth, problem gambling prevention treatment and recovery services.

Earlier this week, Gov. Kathy Hochul reported that, since the beginning of January – mobile sports events in New York – the state ended with $542 million in revenue (for the week of Oct. 30), far surpassing any other state. in the republic

The team said, “Additionally, $200 million in license fees have also been collected, generating a total of more than $740 million in revenue, the majority of which is used for education. This far outpaces any other state in the nation, including those that have been accepting mobile sports bets for several years.” they are”.

Hochul said, “By bringing the sports franchise to New York, we have not only opened the door to responsible entertainment for millions of sports fans, but also brought in significant revenue to support schools as well as support youth sports while fostering great patronage. I am proud to help those who need it.” about the work that has been done to secure our state’s position in mobile sports, and is excited to continue the trend as we secure hundreds of millions of dollars to undertake programs that will improve the lives of New Yorkers.”

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Hochul’s team said, “New York state recorded $73 million in mobile gaming revenue in September, the most generated by any state to date, breaking its record of $63 million set in January. For context, according to reports, the highest monthly mobile gaming revenue The revenue generated outside of New York is Pennsylvania in November 2021 at $19 million.”

New York State Gaming Commission Chairman Brian O’Dwyer said, “New York continues to lead the nation in sports betting thanks to Gov. Hochul issuing gaming policies that deliver real, transformative results for New Yorkers. Money generated from sports betting will provide critical support to our schools, They provide responsible youth sports and sports programs.”

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New York State Office of Addiction Services and Support Commissioner Chinazo Cunningham said, “OASAS is available to provide services and support for New Yorkers struggling with problem gambling. This additional revenue from mobile gaming will allow OASAS to expand prevention, treatment, harm reduction and important services through substance recovery public.”

According to GeoComply, the software used by sportsbooks to manage geolocation requirements, more than 11.3 million unique players have been created since January, bringing the total to 985 million.

Look at the breakdown of bets per game since Jan 8. Major League Baseball was at $2.6 billion and the NBA was not far behind with $2.5 billion. For football, the most popular sport in America, the NFL took in $1.3 billion over ten weeks of the regular season and all of the 2022 playoffs. The college football team took in $406 million, which includes 2022 bowl games and the current season. The latest statistics to highlight the popularity of mobile sports for mobile football in New York state show that the average number of businesses on Sundays from the start of the 2022 season to 5.7 million.

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During the week of Oct. As of Oct. 30, the mobile gaming industry’s revenue is $13 billion, with net revenue for education at $527 million. For fiscal year 2023 and every year thereafter, revenues from mobile gaming are distributed as follows: $5 million to fund youth-serving gaming programs, $6 million to fund problem gambling education and treatment, and the remainder to support education.

Every Friday, the NYS Gaming Commission announces the weekly mobile gaming activities carried out by all of its employees here.

The commission’s mandates require workers to play at a lower age, provide better opportunities for spending limits and share information about gambling risks and signs of problem gambling. New Yorkers who struggle with gambling or know someone with a gambling problem can call the state’s toll-free HOPEline operator at 1-877-8-HOPENY (1-877-846-7369) or text HOPENY (467369). New Yorkers can also contact the Regional Problem Gambling Resource Center at: https://nyproblemgamblinghelp.org/.

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