Hochul: Mobile sports betting generates $900 million in revenue in first year
ALBANY, N.Y. – Mobile sports betters wagered over $16 billion statewide during the year following New York’s legalization of online sports gambling.
That’s according to Gov. Kathy Hochul, who said Friday that online sports gambling generated over $900 million in revenue.
As of Sunday, the one-year anniversary of the legalization of mobile sports betting in New York, the state collected a nation-leading $709.2 million in taxes and over $200 million in licensing fees.
Of the over $909 million generated in total revenue, over $709 million funded education. Hochul said betting revenue also funds youth sports programming and problem-gambling prevention, treatment and recovery services.
“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,” Hochul said Friday. “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.”
Beginning fiscal year 2023, New York will distribute its mobile sports betting revenue annually as follows:
- $5 million to fund sports programs for underserved youths
- $6 million to fund problem-gambling education and treatment
- Remaining majority to fund education aid
“The additional revenue generated will help to ensure that we have a robust system of programs and services to address the needs of individuals, families, and communities across the state,” said Chinazo Cunningham, Office of Addiction Services and Supports commissioner.