New York Sports Betting Nets $70 Million In Tax Revenue In First Month

Everybody knew New York online sports betting would set records, but this is astonishing.

In a mere 30 days following the launch of mobile sports betting apps, there has been $1.98 billion wagered in New York. Breaking down the numbers, that has led to $70.6 million in tax revenue for the state.

“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,” New York Gov. Kathy 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.”

New York Sports Betting Sets Record

Before New York online sports betting went live on Jan. 8, the monthly record for sports betting handle in the United States was $1.3 billion — set by New Jersey in November 2021. New York broke the record in its first 23 days of operation when it registered a betting handle of $1.625 billion.

Technically, the $1.98 billion number from the first 30 days does not become the record because it spans parts of two months. It does, however, show just how incredibly popular sports betting will be in the Empire State in the long run.

The total gross gaming revenue in the first 30 days was $138 million. At a 51% tax rate for the state, those bets brought in more than $70 million in tax revenue. The New York State Gaming Commission posts weekly and monthly updates from each sportsbook.

According to state law, tax revenue generated by mobile sports betting 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.

“Breaking this record proves that New York was ready for mobile sports betting, and we are providing our state with a new significant revenue, educational and addiction funding source,” State Senator Joseph Addabbo Jr. said. “It also can give us an indication of where we go from here.”

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New York Online Sports Betting Update

Four mobile sportsbooks launched on Jan. 8, and four more have followed since then.

The first four were DraftKings New York, Caesars New York, FanDuel New York, and BetRivers New York. The next app to launch was BetMGM New York on Jan. 17. Two others – PointsBet New York and WynnBET New York – launched after that.

All of the live sportsbooks have welcome offers and sign-up bonuses for new users to take advantage of. The best part is, new users can take advantage of as many of those offers as they choose.

About the Author

Corey Roepken

Corey Roepken is the News Editor for NY Sports Day. Roepken has 20 years of experience as a sports journalist in Michigan, Texas, and Tennessee. Most notably, in his writing career, he covered professional and international soccer for the Houston Chronicle. He has also covered college softball, SEC football, the MLB, and the NFL.

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