NY reports $302 million in sports wagering tax revenue so far in 2022

Posted 8 July 2022 at 3:50 pm

Hochul says money will go towards education, grants for youth sports and problem gambling prevention services

Press Release, Gov. Kathy Hochul’s Office

Governor Kathy Hochul today announced that in under six months of operation, New York’s mobile sports wagering program has far surpassed every other state, as well as the Division of the Budget’s FY 2022 revenue projections.

According to New York State data, the State has generated more than $302 million in tax revenue from mobile sports wagering since January 8, 2022 – with the entire amount directed for education aid, youth sports and responsible gaming programs.

Additionally, the ninth and final operator in New York State – Bally Bet – was authorized to accept wagers on July 7, making the Empire State’s latest foray in regulated gaming fully operational.

“In just six months, New York has become a leader among states in implementing successful gaming policies, with hundreds of millions of dollars going to important programs that will improve the lives of all New Yorkers,” Hochul said. “I look forward to continuing to enact responsible gaming policies that provide exciting entertainment for New Yorkers of legal age – all with important safeguards in place to help those who need it.”

According to reports, New York has collected more in mobile sports wagering revenue in six months than the total sports wagering revenue – both mobile and on-premises – that any other state has generated over several years. Through May 2022, Pennsylvania has collected $265.6 million in sports wagering tax revenue since November 2018, and New Jersey has generated $237.1 million since June 2018.

In January, New York State projected $249 million in mobile sports wagering tax revenue (including $200 million in already-collected license fees) in FY 2022, while total collections were $361 million (including the $200 million in license fees). As of April, New York State projects $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.

With the advent of mobile sports wagering, the New York State Gaming Commission, its partners in the Responsible Play Partnership, and gaming venues have engaged in proactive, informational events and outreach to encourage responsible gambling.

New York State Office of Addiction Services and Supports Commissioner Chinazo Cunningham said, “We look forward to the positive impact that this revenue will have on the expansion of prevention, treatment, harm reduction and recovery services for problem gambling. These additional funds will allow OASAS to enhance efforts to prevent problem gambling and reach more individuals with screening and treatment services in all areas of New York State.”

According to GeoComply, a software firm used by sports books to ensure geolocation requirements, more than 2.9 million unique player accounts have been created since January, conducting nearly 707 million transactions.

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.