WPCNR ALBANY ROUNDS. From the Governor’s Press Office. FEBRUARY 14, 2022:
Governor Kathy Hochul today announced the successful launch of mobile sports wagering in New York State, with nearly $2 billion in wagers taken during the first 30 days of operation.
This record-breaking success, more than any other state has ever reported, will generate more than $70 million in tax revenue for New York State, providing funds to be allocated toward programs that support education, youth sports, and more.
“Over the past month, we’ve seen how mobile sports wagering can be an economic engine for New York, driving significant funding to our schools, youth sports, and so much more,” Governor Hochul said. “As this new industry continues to grow, New York will make sure we have the resources and guidelines in place to make it a success for all.”
Mobile sports wagering began in New York State on January 8, 2022; since then, more than $1.98 billion in wagers has been taken in New York. The total Gross Gaming Revenue was over $138 million and, at a 51% tax rate for the State, these wagers brought more than $70.6 million in tax revenue. According to State law, tax revenue generated by the mobile sports wagering industry is required to go toward elementary and secondary education, grants for youth sports programming, property tax relief, and problem gambling prevention, treatment and recovery services.
Last year, Governor Hochul directed the New York State Gaming Commission to prepare for the launch of mobile sports wagering, which had previously been authorized by the legislature, by engaging licensed companies to complete the regulatory requirements needed to begin operations in New York State. This approach will keep New York bettors in New York, rather than having State residents travel to neighboring states to wager.
Gaming Commission Executive Director Robert Williams said, “With Governor Hochul kicking off mobile sports wagering on January 8th, there is no doubt there is strong interest in online sports betting in the Empire State, which has just set a national record for monthly tax revenue.”