New York sports betting customers showed much love to the state during its first month of legalized mobile wagering.
Gov. Kathy Hochul (D) announced Monday that close to $2 billion dollars in wagers were taken during the first 30 days of operation, since opening day Jan. 8.
The state started with four mobile providers at 9 a.m. that day — Caesars Sportsbook New York, FanDuel New York, DraftKings New York and Bet Rivers New York.
BetMGM New York (Jan. 17) then joined the group, followed by PointsBet New York (Jan. 25) and WynnBET New York (Feb. 4). Resorts World New York should join in on the fun soon, and Bally Bet New York will complete the group of operators granted licenses when it launches, probably sometime in April.
A roundup of the most updated New York sports betting promo codes is available at EmpireStakes.com
That record-breaking handle will generate more than $70 million in tax revenue for New York State, according to Gov. Hochul, with funds to be allocated toward programs that support education, youth sports and other initiatives.
Wagers included more than $600M on football, more than $540M on basketball and nearly $80M on hockey.
Hochul Proclaims ‘Economic Engine’
“Over the past month, we’ve seen how mobile sports wagering can be an economic engine for New York, driving significant funding to our schools, youth sports, and so much more,” Hochul said in a surprise news release. “As this new industry continues to grow, New York will make sure we have the resources and guidelines in place to make it a success for all.”
The New York State Gaming Commission (NYSGC) usually releases mobile sports wagering revenue reports each Friday. It was expected a breakdown of the numbers from providers for the week of Jan. 31-Feb. 6 would have been released Friday, Feb. 11, but that did not happen.
"New York will make sure we have the resources and guidelines in place to make it a success for all."
The figures from Sunday's Super Bowl will be included in this week’s wagering report, which is expected to be released this Friday, Feb. 18.
“When we brought mobile sports betting to New York, we had confidence it was going to be a success, but to be able to break the national record of total handle for sports betting in a single month in our very first month, with primarily only six sportsbooks, is both rewarding and promising,” said State Sen. Joseph Addabbo, Jr., a long proponent of bringing sports wagering to the state, in Hochul’s announcement.
“Breaking this record proves that New York was ready for mobile sports betting and we are providing our state with a new significant revenue, educational and addiction funding source. It also can give us an indication of where we go from here, building upon a solid foundation, especially with the Super Bowl and March Madness within our sights. The future is extremely bright for mobile sports betting in New York.”
More Than $70M in 30 Days
Since the first day of launch Jan. 8, more than $1.98 billion in total handle has been generated in the state. The total Gross Gaming Revenue (GGR) was more than $138 million. With a state tax rate of 51%, those wagers brought more than $70.6 million in tax revenue.
According to state law, tax revenue generated by mobile sports wagering is required to go toward elementary and secondary education, grants for youth sports programming, property tax relief, and problem gambling prevention, treatment and recovery services.
“With over $1 billion in sports betting handle in the first month, New York State is well on the way to being the sports betting capital of the world,” Assemblyman J. Gary Pretlow, another strong proponent of sports wagering in the state, said in Hochul’s announcement. “I’m happy the Gaming Commission proceeded with haste to get the determination of the operators in place two weeks earlier than anticipated.”
For fiscal year 2022 (Jan. 8, 2022 - March 31, 2022), 98% of the state tax imposed on mobile sports wagering will fund education, 1% of the state tax will fund sports programs for underserved youth and 1% of the state tax will fund problem gambling education and treatment.
All of the license fees revenue is directed to education.
The state’s fiscal year 2023 Executive Budget Financial Plan projects $249 million in revenue, which includes $200 million in already collected license fees in FY 2022. The projection is $357 million in FY 2023, $465 million in FY 2024, $493 million in FY 2025, $509 million in FY 2026 and $518 million in FY 2027.
Starting with the fiscal year 2023, $6 million will be targeted to programs addressing problem gambling, $5 million will be directed to youth sports grant programs statewide, and the remaining amount will be aimed at education.