Gov. Hochul Lauds Sports Betting Bringing State $709.2M in Taxes

Gov. Hochul Lauds Sports Betting Bringing State $709.2M in Taxes
Fact Checked by Pat McLoone

The first year of mobile sports betting in New York is now official.

New York Gov. Kathy Hochul announced Friday the state has collected more than $709.2 million in taxes, a figure that leads the nation.

An additional $200 million has been collected in licensing fees from the New York sports betting apps of the mobile providers.

Combined, the Empire State has generated a grand total of more than $909 million in revenue.

“In just one year, New York has become a national leader in providing responsible entertainment for millions while bringing in record-shattering revenue for education, youth sports, and problem gambling prevention,” Gov. Hochul said in a news release. “I look forward to another year of delivering top-tier mobile sports wagering experiences that generate revenue to enrich the lives of New Yorkers across the state.”

Four of the nine providers — NY BetRivers, Caesars Sportbook NY, DraftKings NY and FanDuel NY — officially launched Jan. 8, 2002.

Through Sunday, Jan. 8, the state’s total mobile sports wagering handle reached over $16.595 billion.

“Mobile sports betting generated $709 million in taxes in just one year for essential programs . . . This is just the beginning, and I look forward to mobile sports betting generating more revenue for years to come,” state Assembly Member Gary Pretlow said.

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More Data on the Full Year

Vancouver-based GeoComply revealed more than 3.8 million unique player accounts have been created since last January with more than 1.2 billion transactions. GeoComply is a geolocation company that provides data to the gambling industry.

For Fiscal Year 2023 (April 1, 2022, through March 31, 2023) and annually thereafter, 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.

EmpireStakes.com recapped the first year of mobile wagering in a story last week.

“It has been a remarkable, record-setting first year for Mobile Sports Betting in New York, with only nine professional operators! I'm grateful to have joined others in the state, putting forth a product that New Yorkers deserved, and I appreciate the significant benefits to our economy, in addition to educational, youth sports and addiction program funding,” State Senator Joseph P. Addabbo, Jr. said. “I look forward with a vision of optimism that through the professional efforts of the Hochul administration, the Gaming Commission and my legislative colleagues, New Yorkers can expect their state to continue to provide the best mobile sports betting product, in this highly competitive arena, for many years to come.”

The first full week of 2023 generated in excess of $400 million in total mobile handle as official weekly figures were released Friday afternoon by the New York State Gaming Commission (NYSGC) for the week ending Jan. 8.

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Author

Lou Monaco had been East Coast Scene columnist for Gaming Today in Las Vegas since June 2019, covering the East Coast sportsbook scene with emphasis on NJ and PA. He also currently is a part-time writer for the high school sports department for NJ Advanced Media (NJ.com) in Iselin, NJ. Lou has over 30 years sports experience with previous stints at ESPN SportsTicker, Daily Racing Form and Oddschecker.

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