New York Takes in Millions on Sports Betting
New York Governor Kathy Hochul says even without the numbers reported for wagers on the Superbowl on February 13, the state’s new revenue stream from mobile sports betting is impressive.
The Democrat says over the past month, sports wagering has brought in more than $1.98 billion in bets, Gross Gaming Revenue is over $138 million since January 8 and, at a 51% tax rate, wagers brought in more than $70.6 million in tax revenue.
State law requires revenue generated by mobile sports wagering go toward elementary and secondary education, grants for youth sports programming, property tax relief and programs for prevention, treatment and recovery for problem gambling.
Since FanDuel, Caesars, DraftKings and Rush Street Interactive were authorized to operate in New York on January 6, three more operators have started taking bets in New York. Those are Bet MGM, Points Bet and Wynn Interactive.
The state says for Fiscal Year 2022 that ends on March 31 of this year, 98 percent of the state tax on mobile sports watering will go to education, one percent to programs for underserved youth and one percent for problem gambling education and treatment. All license fees are being directed to education.
The take from Super Bowl betting is expected to be reported Friday, February 18.