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Sports Wagering Revenue Tops $300m in New York, Where is the money going?

Sports wagering across America has become increasingly popular for a lot of Americans recently. Over the last few years, we have seen more and more states legalize online sports wagering, with more states in line to do the same. It is no secret this is a big-money business.

The numbers

Since January 8th of this year, the state of New York has generated more than $302 million in tax revenue from mobile sports wagering. That is far and away the most across the country, Pennsylvania has seen $265.6 million since November of 2018 and New Jersey sits around $237.1 million in tax revenue since June of 2018. A huge part of these massive numbers for the state is the big tax numbers that players and the sportsbooks themselves must pay to the state. The state of New York taxes mobile sports betting revenue at a whopping 51% rate, the highest in the country of the states that allow online sports betting. Back in January, the state projected $249 million for all of 2022 and $357 million in revenue for 2023.

Where does all this revenue go?

New York Gov. Kathy Hochul has made sure to put 100% of the revenue earned from sports betting and reinvested it directly back into the community. They have made sure to give funding towards things like youth sports programs, elementary and secondary education, as well as problem gambling prevention, treatment, and recovery services. The state also receives $25 million from each sports wagering platform provider which totals an additional $200 million which has been put directly back into education.

Wrap up

Sports wagering, and gambling in general usually get put in a negative light because of how much money can potentially be lost if used incorrectly. It is nice to see a positive spin on it for now seeing as though the state is using all of the money generated towards a positive cause that will provide a massive help to many citizens across the state.

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