New York Gov. Kathy Hochul recently announced that New York State has collected $542 million in tax revenue since the state began allowing online wagering in early January. These numbers are more than any state in the nation during that span. The state also collected an additional $200 million in licensing fees generating a total of over $740 million in 10 months.
Shattering Records
The state set a record of $73 million in mobile sports wagering just for September, breaking its previous record of $63 million in January. The $10 million increase surely had much to do with the NFL starting its season in September. To put those numbers into context; the previous monthly record for a state not named New York was in November of 2021, where Pennsylvania brought in $19 million in tax revenues.
“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.”
Breakdown By Sport
Looking at a breakdown of wagers by sport since January 8, 2022, Major League Baseball has taken in $2.6 billion with Basketball not far behind at $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 is at 5.7 million.
Wrap Up
Sports betting in New York is growing day by day, and with that comes increasingly large tax revenues for the state. Recent reports over the last year have indicated what the state is planning to use this new-found tax revenue for which is good to see it’s going into places that can benefit the state.