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Mobile sports betting in New York generates $70 million in tax revenue

Legalized mobile sports betting in New York generated nearly $2 billion in bets and $70 million in tax revenue in the first 30 days of operation – and that’s not yet taking into account bets made during of Sunday’s popular Super Bowl football game.

Governor Kathy Hochul applauded the record numbers compiled by the State Gaming Commission.

“Over the past month, we’ve seen how mobile sports betting can be an economic engine for New York, generating significant funding for our schools, youth sports and much more,” Governor Hochul said.

“‘As this new industry continues to grow, New York will ensure we have the resources and guidelines in place to make it a success for all.”

The internet sports betting app for mobile sports phones was launched on January 8 and has generated more than $1.98 billion in bets.

Governor Kathy Hochul applauded the numbers and said the government would ensure regulations were in place to ensure the success of sports betting.
Mike Groll/Office of Governor Ka

Betting has generated over $138 million in gross revenue for sports betting operations.

New York imposes a high tax rate of 51% on sports betting income, which translates to $70.6 million in tax revenue for state coffers. Under the law, the money is earmarked for education and sports programs for young people, property tax relief and treatment for problem gambling.

Sunday’s Super Bowl numbers will be included in weekly mobile sports betting reports reported to the gaming commission on Friday, state officials said.

Mobile sports betting in New York generates $70 million in tax revenue
The record sports betting numbers don’t yet take into account bets made on Sunday’s popular Super Bowl football game.
Getty Images

The seven authorized mobile sports platforms include Caesars, DraftKings, FanDuel, Rush Street Interactive, Bet MGM, Points Bet and Wynn Interactive.

More than 1.76 million unique player accounts have been used for more than 187 million transactions since launching last month, according to GeoComply, a software company used by sportsbooks that verifies bets placed geographically in the state. from New York.

The law requires customers to place bets physically within state lines.

The wagers included over $600 million on football, over $540 million on basketball and nearly $80 million on hockey.

New York Post

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