Buffalo, NY (WBEN) New York is arguably the biggest winner when it comes to mobile sports betting. The state announces it has generated $500 in tax revenue from sports wagering.
Since January, Governor Hochul announced the state has collected $542 million in taxes through the week ending October 30. An additional $200 million in licensing fees has also been collected, generating a total of more than $740 million in revenue, most of it to be used for education. The state says it has far outperformed other states.
By bringing sports wagering to New York, we have not only opened the door to responsible entertainment for millions of sports fans, but we have also brought in significant revenue to support schools, as well as youth sports, while implementing important safeguards to help those who need it," Governor Hochul said. "I'm proud of the work that has been done to secure our state's top position in mobile sports wagering, and I am excited to continue the trend as we secure hundreds of millions of dollars to support programs that will improve the lives of New Yorkers."
New York State set a record of $73 million in mobile sports wagering tax revenue in September, the most generated by any state to date, breaking its own record of $63 million set in January. The state notes the highest monthly mobile sports wagering tax revenue generated outside of New York is Pennsylvania in November 2021 at $19 million.
According to GeoComply, a software firm used by sports books to ensure geolocation requirements, more than 11.3 million unique player accounts have been created since January, conducting nearly 985 million transactions.
Looking at a breakdown of wagers by sport since January 8, 2022, Major League Baseball has taken in $2.6 billion and the NBA was not far behind with $2.5 billion. For football, the most popular sport in America, the NFL has taken in $1.3 billion over 10 regular season weeks and all of the 2022 playoffs. College football has taken in $406 million, which includes the 2022 bowl games and the current regular season to date. A final statistic to accentuate the popularity of pro football mobile sports wagering in New York State shows the average number of transactions on Sundays since the start of the 2022 season at 5.7 million.
Through the week ending October 30, 2022, the mobile sports wagering handle is $13 billion with net revenue to education of $527 million. For FY 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, and the remaining majority to education aid.
