NEW YORK (1010 WINS) — The introduction of mobile sports betting in New York State last month has been widely successful, according to numbers released by the governor’s office on Monday.
During the first 30 days of operation, nearly $2 billion in wagers was taken which will generate roughly $70 million in tax revenue for the state, money that will go toward programs that support education, youth sports and more.
The record-breaking numbers are more than any other state has ever reported.
"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," Gov. Hochul said. "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."
New York began allowing mobile sports betting on Jan. 8 but the state had been preparing for the launch before then by having licensed companies complete necessary regulatory requirements with the goal of bettors staying in New York to wager rather than going to neighboring states to do so.
“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,” said Assemblymember J. Gary Pretlow I'm happy the Gaming Commission proceeded with haste to get the determination of the operators in place two weeks earlier than anticipated."
Seven operators have been authorized to host betting services including Caesars, DraftKings, FanDuel, and Rush Street Interactive, Bet MGM, Points Bet and Wynn Interactive.
Geo location software found 1.76 million unique player accounts were utilized for over 187 million transactions.
The vast majority of tax revenue, 98 percent, will fund education in the state while the other 2 percent will go to underserved youth sports programs and gambling education and treatment.
The sport that generated the most amount of bets was football, with $600 million in wagers. Not far behind was basketball which drew $540 million in wagers while hockey garnered $80 million in bets.
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